Global oil markets remain volatile ahead of OPEC’s May 25 ministerial meeting on expectations that the producer group and its non-OPEC partners will extend production cuts until the end of 2017. The alliance agreed to reduce production by a collective 1.8 million barrels per day (mb/d) from January to June in a bid to rebalance oversupplied oil markets. Mounting concerns that resurgent U.S. oil production will offset lower supplies have led to oil prices trading in a volatile and wide range of $7.50 per barrel (bbl) since mid-March, with U.S. West Texas Intermediate (WTI) futures falling to a five-month low of just $45.88/bbl on May 9.
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