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Oil rises as markets await Opec+ meeting on extended output cuts

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Producers weigh extending their reduced production until the end of August

A gas flare burns at Russian oil refinery, operated by OAO Lukoil. in Russia. Picture: BLOOMBERG

“The whole story is very much based around the supply cuts and the demand recovery,” said Commonwealth Bank commodities analyst Vivek Dhar. Under the Opec+ plan agreed in April, the record supply cut was to be for May and June, scaling back to a cut of 7.7-million barrels a day from July to December. Saudi Arabia has been leading talks to push for extending the heftier cuts, sources told Reuters.

 

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