Oil Industry Thinks OPEC+ Will Extend Production Cuts Into Q2

Oil industry watchers and analysts are betting on OPEC+ extending its oil production cuts beyond the first quarter of 2024 into the next quarter, a new Bloomberg survey revealed on Friday. The anonymous survey has overwhelmingly predicted that OPEC+ will be forced to extend the cuts into Q2 2024, with 14 of the 17 traders and analysts surveyed betting that OPEC+ will not make any changes to its production plans next quarter. “Supply is exceeding demand, and to keep prices stable, OPEC+ has to keep that oil off the market,” Bob McNally,…