Slated for Thursday, May 25, the highly anticipated meeting is expected to extend the organization's output cut plan for another 6 months.
OPEC members agreed late last year to cut collective production at the start of 2017 by 1.2 million barrels a day for six months. Non-OPEC producers, including Russia, also agreed to cut their output by another, roughly 600,000 barrels a day.
A monthly report from the International Energy Agency released Tuesday pegged OPEC’s member compliance with the cuts at 96%—a historically high compliance rate for the group.
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