Oil steadies as Opec+ set to meet this week – The National

Oil steadies as Opec+ set to meet this week – The National

Oil steadies as Opec+ set to meet this week. The alliance may convene on June 4 instead of the earlier proposed dates of June 9 and 10. Oil prices steadied as members of the Opec+ alliance could convene their scheduled meeting this month earlier to possibly extend the current level of cuts for the short term.. The alliance, which is led by key producers Saudi Arabia and Russia, may meet on June 4 instead of the earlier proposed dates of June 9 and 10.. Opec+ has been cutting back more than 9.7 million barrels per day in May and June, with the cuts expected to gradually taper off.. Gulf members of the Opec+ alliance are cutting more than their quota as they look to rebalance the markets sooner.. Saudi Arabia is cutting a further million bpd of supply from the markets in June, bringing its total output curbs to 4.8m bpd.. Production for the month of June for the world's largest oil exporter is expected to average 7.492m bpd.. Kuwait will also cut an additional 80,000 bpd, while the UAE is committed to further reductions of 100,000 bpd..