OPEC and its partners are unlikely to decide on their output policy in April as ...
DUBAI/LONDON - OPEC and its partners are unlikely to decide on their output policy in April as it would be too early to get a clear picture of the impact of their supply cuts on the market by then, three OPEC sources said on Monday.
“So far the likely decision is to extend the agreement in June. Nothing much is planned for April, just to discuss the OPEC and non-OPEC ,” one OPEC source said. “But production by the exempt countries is already more than 700,000 bpd below the October level. Maybe there will be some adjustment,” the second source said.
As of February, OPEC had fully delivered the 800,000 bpd cut compared to October, according to a Reuters survey. Another 900,000 bpd of involuntary declines in the exempt producers since October boosted the total OPEC curb to 1.70 million bpd.
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