OPEC+ to reconvene to navigate crude market volatility

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Cabinet has approved a plan to establish a single National Petroleum Company.
Cabinet has approved a plan to establish a single National Petroleum Company.
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The OPEC+ grouping of oil producers will hold its third ministerial summit of the year via videoconference on Thursday to discuss output cuts in the face of fresh price volatility.

"The expectation is that the group will hold production steady also in May given current physical oil market weakness," according to Bjarne Schieldrop, analyst at SEB.

However, he added that "Russia and Kazakhstan are likely to lift production yet another notch and the group in total is probably fine with that."

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