OIL NEEDS A SOLUTION
![OIL NEEDS A SOLUTION](/cache/03-21/price-228.b7b65422.jpg)
PLATTS - 30 Mar 2021 - Saudi Arabia has not yet decided its position on OPEC+ oil production quotas, a Saudi Arabian source told S&P Global Platts on March 30, two days ahead of the bloc's meeting to decide on May output levels.
The source denied a report that the kingdom was prepared to support extending the bloc's output cuts through June while maintaining its own voluntary 1 million b/d cut, saying it "had no basis." He added that OPEC+ consultations had yet to begin, making it premature to assume an outcome.
Faltering oil prices in recent days after a weeks-long surge to around $70/b have many analysts forecasting that the OPEC+ group of producers may largely roll over their quotas for at least another month.
While setting OPEC+ quotas requires unanimous consent among the coalition's nearly two dozen members, Saudi Arabia's voluntary cut is a unilateral decision.
The OPEC+ talks will begin with a March 31 virtual meeting of the Joint Ministerial Monitoring Committee, cochaired by Saudi Arabia and Russia, before all 23 OPEC+ ministers convene online April 1.
The alliance's current quotas are keeping more than 7.1 million b/d of crude production off the market, with Saudi Arabia adding its extra 1 million b/d cut on top.
Under the terms of its agreement, the bloc can adjust its output caps by up to a combined 500,000 b/d each month.
At its last meeting March 4, OPEC+ surprised traders by choosing to keep production levels steady through the end of April, except for a slight increase granted to Russia and Kazakhstan.
-----
Earlier:
![OIL NEEDS A SOLUTION](/cache/03-21/price-222.aa6e9722.jpg)
![OIL NEEDS A SOLUTION](/cache/03-21/price-216.cfa8fea7.jpg)
![OIL NEEDS A SOLUTION](/cache/03-21/oil-78.b4fa10f1.jpg)
![OIL NEEDS A SOLUTION](/cache/03-21/price-210.37b5f3d8.jpg)
![OIL NEEDS A SOLUTION](/cache/03-21/price-204.320beb20.jpg)
![OIL NEEDS A SOLUTION](/cache/03-21/price-192.8ba6dd67.jpg)
![OIL NEEDS A SOLUTION](/cache/03-21/price-188.eb9f9481.jpg)