OPEC could raise oil output from July if Venezuelan and Iranian supply drops fur...
DUBAI/LONDON/MOSCOW - OPEC could raise oil output from July if Venezuelan and Iranian supply drops further and prices keep rallying, because extending production cuts with Russia and other allies could overtighten the market, sources familiar with the matter said.
The combined supply cuts have helped to drive a 32 percent rally in crude prices this year to nearly $72 a barrel, prompting pressure from U.S. President Donald Trump for OPEC to ease its market-supporting efforts. OPEC has been saying the curbs must remain, but that stance is now softening. The Organization of the Petroleum Exporting Countries, Russia and other producers, an alliance known as OPEC+, are reducing output by 1.2 million bpd from Jan. 1 for six months. They meet on June 25-26 to decide whether to extend the pact.
“I expect an extension for a further period, but maybe there will be some adjustment,” this source said. Adding to the impact of the involuntary declines, top exporter Saudi Arabia has cut production by more than it agreed under the global pact.
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