LONDON, May 30 (Reuters) - OPEC+ members that are making
2.2 million barrels per day of voluntary oil output cuts are
discussing extending them until the end of the year, three OPEC+
sources said ahead of the group's meeting on Sunday.
The voluntary cuts, which are due to expire at the end of
June, are the latest in a series of OPEC+ cuts since late 2022
amid rising output from the United States and other non-member
producers, and worries over demand as major economies grapple
with high interest rates.
The Organization of the Petroleum Exporting Countries led by
Saudi Arabia and allies led by Russia, known as OPEC+, will
begin a series of online meetings at 1100 GMT on Sunday.
Two OPEC+ sources said another option was to extend the
voluntary cuts only for the third quarter of the year. Two other
sources said they would not rule out a deeper cut to support the
market or releasing oil back into the market if OPEC+ decides
demand was rising.
"We would not entirely rule out a plot twist - in the form
of a deeper cut - given (Saudi energy minister) Prince
Abdulaziz's (bin Salman) penchants for Hollywood twist endings,"
said Helima Croft from RBC Capital Markets.
Prince Abdulaziz has repeatedly said he likes keeping the
oil market on its toes and promised to punish speculators.
The OPEC+ group is currently cutting output by 5.86 million
bpd, equal to about 5.7% of global demand.
The cuts include 3.66 million bpd by OPEC+ members valid
through to the end of 2024, and the 2.2 million bpd of voluntary
cuts by some members expiring at the end of June.
The countries which have made voluntary cuts that are deeper
than those agreed with the wider group are Algeria, Iraq,
Kazakhstan, Kuwait, Oman, Russia, Saudi Arabia and the United
Arab Emirates.
The OPEC+ meeting may coincide with a secondary share
offering in oil giant Aramco on Riyadh's Saudi
Exchange - the culmination of a years-long effort to sell
another chunk in one of the world's most valuable companies
after its record-setting IPO in 2019 raised $29.4 billion.