OPEC+ wants to keep oil output cuts of 9.7 milllion bpd beyond June – Reuters

OPEC and its allies, the group known as OPEC+, wants to maintain the existing oil output cuts of 9.7 million barrels per day (bpd) beyond June, Reuters reported on Tuesday, citing four OPEC+ sources.

"The ministers want to keep the same oil production cuts now which are about 10 million bpd, after June. They don't want to reduce the size of the cuts," a source told Reuters. "This is the basic scenario that's being discussed now."

Market reaction

Crude oil prices edged higher on this headline and the barrel of West Texas Intermediate was last seen gaining 3.15% on the day at $26.15.