OPEC+ alliance may look beyond April 2022 to keep supply cuts going

Quantum Commodity Intelligence - The OPEC+ group may discuss extending its deal on cutting oil supply beyond April 2022, two OPEC+ sources said on Wednesday, after a panel set up by the group warned of "significant uncertainties" and the risk of an oil glut next year, according to Reuters.

The 23-country OPEC+ alliance, with about half of the world's production capacity, has committed to withholding 6.6 million bpd of crude output in June, including an additional 400,000 b/d voluntary cut by Saudi Arabia, tapering to 5.76 million b/d in July.

That was down from the group's 9.7 million b/d cut in May and June 2020.

OPEC+ will meet on Thursday, with analysts expecting them to raise output by another 500,000 bpd.