6/28, 3:55 PM (Source: TeleTrader)
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OPEC to keep output cuts unchanged - report

The Organization of the Petroleum Exporting Countries (OPEC) is aiming to extend its policy of production cuts into the second half of this year, the Wall Street Journal reported on Friday. Unnamed OPEC and Saudi officials said that both actors will apply pressure on producers who failed to trim their outputs, including Iraq and Nigeria, during the OPEC's upcoming meeting.

Saudi officials also said that the production cuts will likely stay the same despite a number of countries that are advocating for additional reductions in the oil output.

OPEC+, which consists of OPEC members counties and other major global producers of crude such as Russia, have been implementing oil production caps of up to 1.2 million barrels per day since January in efforts to stabilize the market.

Breaking the News / MA