Deeper oil cuts and stricter compliance both top of the agenda as OPEC+ gather in Vienna

An upcoming meeting between OPEC and non-OPEC allies could see the group deepen oil production curbs, energy analysts told CNBC.

is definitely keen to surprise the market to the upside," Sen said, but cautioned that deeper production cuts had "definitely not been firmed yet."

International benchmark Brent crude traded at $61.98 on Wednesday afternoon, up more than 1.9%, while U.S. West Texas Intermediate stood at $57.04, over 1.6% higher. Brent crude prices have fallen more than 17% since an April peak, with WTI down around 14% over the same period. "The physical market is extremely tight. I don't think OPEC need to deepen cuts, however, the problem is sentiment is very weak," Sen said, citing persistent concerns about demand amid an ongoing U.S.-China trade war.OPEC kingpin Saudi Arabia is likely to push for a policy that would drive crude futures higher in order to help balance its budget and support pricing for the partial stock listing of state producer Saudi Aramco.Right here, right now, the oil market is in decent shape.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

CNBC /  🏆 12. in US

Malaysia Latest News, Malaysia Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

OPEC, Russia debate deeper oil cuts as new glut loomsRussia expects a constructive meeting with OPEC producers this week, its energy ...
Read more »

Here are 5 major storylines to follow heading into the big OPEC meeting this weekOPEC's bi-annual meeting kicks off Thursday in Vienna. Here's what to watch.
Read more »

JP Morgan expects bigger OPEC production cuts and no more 'free passes' for U.S. shale drillersJ.P. Morgan analysts expect OPEC and Russia to expand production cuts by 300,000 barrels a day, while others see the current deal extended.
Read more »

How to avoid digging yourself deeper in debt this holiday seasonIf you already have outstanding credit card balances coming into this holiday season, you're not alone. But by taking these steps, you can prevent those debts from ballooning out of control.
Read more »

Trump pledged to revive the manufacturing sector. But it just fell deeper into a recession.President Donald Trump won over Rust Belt states in 2016 on pledges to revive American manufacturing.
Read more »