![Flag of OPEC](https://static.seekingalpha.com/cdn/s3/uploads/getty_images/471157495/image_471157495.jpg?io=getty-c-w750)
bkindler
- OPEC+ is set to extend through the end of the year about 2M barrels per day of oil production cuts set to expire in June.
- As they continue to work toward a deal for extending cuts into 2025, the outline of a deal for “voluntary” cuts of 2.2M bpd from Saudi Arabia and Russia to be extended is there, Bloomberg reported, citing delegates.
- Both Bloomberg and Reuters report that extending cuts into 2025 to shore up prices is still on the table.
- WTI crude (CL1:COM) (USO) is just above $77 per barrel, and is up 7% year to date. Brent crude (CO1:COM) (BNO) is above $81, up 5.5% this year.
- Many OPEC+ members need oil to be above $80/barrel to balance budgets, Reuters reports.