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

The OPEC flag. (File photo: Reuters)

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.

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Last Update: 06:54 KSA 09:54 - GMT 06:54
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