OPEC+ unlikely to deepen oil supply cuts at June 4 meeting, sources say

OPEC and its allies are unlikely to deepen supply cuts at their ministerial meeting on Sunday despite a fall in oil prices toward $70 per barrel, four sources from the alliance told Reuters. OPEC+, which groups the Organization of the Petroleum Exporting Countries and allies led by Russia, pumps around 40 per cent of the world's crude and supplies around 60 per cent of the oil export market, meaning its policy decisions can have a major price impact. As the economic outlook worsened, several members of OPEC+ in April pledged voluntary cuts starting from May and to continue to the…