OPEC+ is working on a complex deal to be agreed on at its meeting on June 2 that will allow the group to extend some of its deep oil production cuts into 2025, three sources familiar with OPEC+ discussions said on May 30.
The deal might include extending some or all of the current voluntary production cuts of 2.2 MMbbl/d, expiring in June, into the third or fourth quarter of 2024.
The deal would also include extending a separate part of cuts of 3.66 MMbbl/d, expiring at the end of 2024, into 2025.
The extension of some cuts into 2025 will likely be made conditional on OPEC+ agreeing new individual member output capacity figures later in 2024, two of the sources said.
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