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Experts believe OPEC+ countries will extend voluntary oil output cuts

"The decision may be influenced, among other things, by the current weak dynamics of oil prices," analyst at BCS World of Investments Lyudmila Rokotyanskaya said

MOSCOW, May 27. /TASS/. OPEC+ countries are likely to decide to extend voluntary oil production cuts by a number of alliance members at the upcoming meeting on June 2. This measure will help keep the oil price at a comfortable range of $80-90 per barrel, according to experts interviewed by TASS.

The OPEC+ ministerial meeting will be held via videoconference on June 2. Since the beginning of the year, several alliance countries, including Russia and Saudi Arabia, have voluntarily reduced oil production by a total of 2.2 mln barrels per day (bpd) to balance the market. The measure is in place until the end of the first half of 2024.

"At the upcoming meeting, OPEC+ members will most likely extend the current restrictions until the end of the year. The decision may be influenced, among other things, by the current weak dynamics of oil prices," analyst at BCS World of Investments Lyudmila Rokotyanskaya said.

Finam analyst Alexander Potavin also believes that OPEC+ countries will extend the period of voluntary output cuts. The expert noted that this news is probably already included into current oil prices. "The market reaction may depend on the timing of the extension of the agreement - for example, is it until the end of the Q3 or until the end of the year, as well as on whether the cartel will increase the reduction quotas, which seems unlikely so far," he told TASS.