UPDATE 1-OPEC+ expected to deepen output cuts to 1.5 mln bpd -JPM - Reuters:
OPEC and other major oil producers are expected to agree to deepen output cuts to 1.5 million barrels per day (bpd) to the end of 2020 from 1.2 million currently to help reduce a global supply overhang, JPMorgan said in a note on Tuesday.
The Organization of the Petroleum Exporting Countries (OPEC)and allies including Russia, a group known as OPEC+, meet in Vienna on Thursday and Friday.
OPEC’s de facto leader Saudi Arabia will agree to lower its quota to 10 million bpd from 10.3 million bpd and will press other producers, particularly Iraq, Nigeria and Russia, to improve their compliance with previous commitments, JPMorgan analyst Christyan Malek wrote in the note.
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