Ahead of Thursday’s key meeting between the Organization of the Petroleum Exporting Countries (OPEC) and allies, mostly known as OPEC+, Reuters came out with the news suggesting an extension of output cut to May-June.
“Saudi Arabia is prepared to support extending oil cuts by OPEC and allies into May and June and is also ready to extend its own voluntary cuts to boost oil prices amid a new wave of coronavirus lockdowns,” said the news while relying on an anonymous source.
The report also highlights the oil producers’ concern while saying, “They don’t see demand as yet strong enough and want to prevent prices from falling”.
Market reaction
Following the news, WTI begins Tuesday’s trading on a front-foot, up around $62.00 by the press time, while extending the previous day’s recovery moves.
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