OPEC+ Likely to Extend Cuts, Oil Traders Eye $83 Barrel

Wall Street analysts, including Citigroup, JPMorgan, and Morgan Stanley, are confident that OPEC+ will extend its supply cuts into the second half of the year, with 87% of traders and analysts surveyed by Bloomberg also predicting an extension.
Crude prices near $83 a barrel in London, down from recent highs, provide incentive for OPEC+ to maintain output curbs amidst concerns over China's growth, Fed policy, and Middle East risks.
Uncertainty remains regarding individual production capacity within the coalition, particularly with the UAE seeking an upgrade, which could potentially impede a resolution and impact oil prices.