OPEC+ will extend production cuts, sources say

The Organization of Petroleum Exporting Countries and its (OPEC+) is expected to meet virtually on Saturday (06) to officiate the extension of production cuts until July, according to sources. The first agreement between the countries took place in April.

All indications are that countries have managed to resolve their issues on meeting previously agreed targets, and agreed to continue with caution in production to maintain balance in the market. After the news, Brent crude oil rose 2.98% to $41.18 a barrel, hitting the higher value since the beginning of March.

It is worth remembering that OPEC+ is made up of 23 countries, with Arabia Saudi Arabia and Russia as leaders. The group agreed to the withdrawal of 9.7 million barrels of oil per day from the market at a meeting held in April of this. The goal was to stabilize the global oil market. In the most, the agreement was signed after a collapse in demand caused by the pandemic of covid-19.

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