OPEC+ meets to decide on output cuts: report

01/07/2021 Argaam

OPEC+ will meet today, July 1, to decide on a further easing of output cuts next month and even consider extending its overall supply pact beyond April 2022, Reuters reported, citing sources.

 

The group warned of “significant uncertainties” and the risk of an oil glut next year.

 

The group’s joint technical committee expected the market to witness a deficit in the short term, but a glut will be on the horizon after the OPEC+ cuts end.

 

Analysts said that the group might leave production unchanged during today’s meeting or decide to boost output, possibly by more than one million barrels per day (bpd) or a more modest 0.5 million bpd.

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