Oil’s Rally Hinges on What Happens at Next OPEC+ Meeting
- Futures in New York close at highest since early March
- Saudis, Russia pressing Iraq, Nigeria over output compliance
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Oil closed at the highest level since early March, buoyed by optimism that OPEC+ will rebalance the market. But the rally could turn on what happens at the alliance’s June meeting.
The producer group reached a preliminary agreement Wednesday to extend historic output curbs for an extra month, with Saudi Arabia and Russia drawing a hard line on cheating, and insisting that countries make up for past non-compliance by deepening future cuts. Their stance injects some uncertainty into the market, which has rallied from historic lows but remains vulnerable to ongoing demand weakness and a persistent supply glut.