OPEC+ May Discuss Extending Oil Production Pact Beyond April 2022

The OPEC+ alliance could discuss on Thursday extending the current oil production pact beyond its original end date, April 2022, Reuters reported on Wednesday, quoting two OPEC+ sources. The ministers of the OPEC+ producers meet on July 1 to decide how to proceed with the easing of the oil production cuts from August, when the group will have returned around 2 million barrels per day (bpd) from its oil output on the market. However, OPEC+ still keeps some 5.7 million bpd off the market, and analysts and traders expect the group’s decision…