OPEC+ oil cut depends on US, Canada, Brazil, others, commitment: Source

Published: Updated:
Read Mode
100% Font Size
1 min read

The OPEC+ oil cut decision on Thursday will depend on how much the US, Canada, Brazil, and others will propose to reduce production, a OPEC source said on Tuesday, Reuters reported.

The source added that the baseline for the oil cuts had not been agreed among oil producers.

Some OPEC producers, such as Saudi Arabia and the UAE, have increased their crude output in April following the expiring of the OPEC+ output agreement on March 31. A baseline on April output versus March output would, therefore, yield two significantly different outcomes for the volume of the cuts.

Read more:

Here’s which countries are committed to a historic oil output cut so far

President Trump says OPEC has not asked him to urge US oil producers to cut back

Russia is ready to cooperate and stabilize oil markets: Spokesman

Top Content Trending