Opec+'s third ministerial meeting of 2021 will be held via videoconference and is scheduled to start at 1200 GMT. — Reuters picLONDON, April 1 — Oil producing countries grouped together under the Opec+ alliance led by Saudi Arabia and Russia are expected to agree an extension to their current output cuts at a meeting today.
“It may even go a step further and prolong supply curbs into June,” he added, with the possibility that Russia and Kazakhstan may be given some small leeway to increase output as happened earlier in the year. Without the cuts, limited storage capacity could be saturated and prices — currently hovering around US$60 per barrel — could fall.After signs at the beginning of the year that the arrival of vaccines could improve the pandemic situation, the market has been dampened by a third wave in Europe and the spread of the virus in key crude consumer markets such as India and Brazil.