Oil futures slumped Monday but were well off the lowest levels of the day as the market continued to assess the state of supply.
The Organization of the Petroleum Exporting Countries and its allies said Sunday they were deepening their production cuts beyond the 1.2 million barrels per day agreed to in December. But Saudi Arabia and Russia appeared to disagree on whether the reductions should be extended into the second half of the year.
OPEC-plus is not likely to decide whether to extend its oil-production cuts until June, closer to their scheduled expiration, Saudi energy minister Khalid al-Falih said, according to S&P Global Platts. The coalition has already scheduled another meeting over June 25-26 in Vienna.
