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OPEC expected to extend production cuts

22 May 2019 15:37 reported by Justin Yin

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The WTI crude futures ended higher, but Brent crude futures ended lower, leading to speculation that OPEC would extend its production cut agreement.

In December, the group agreed to cut output by 1.2 million barrels a day, the main driver of higher oil prices so far this year, but the deal was set to expire at the end of June.

OPEC reportedly met with Russia and other non-OPEC members in Jeddah, Saudi Arabia on Sunday to explore their intentions for a production cut deal to be decided at a June summit in Vienna.

Saudi Arabian Energy Minister said that the ministers supported the changing of these goals. However, it remained unclear whether Russia would support extending the deal in the second half, as its energy minister said oil producers were weighing multiple options.

The continued turmoil in the Middle East was also causing concern among traders.

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