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Gulf OPEC countries, Saudi Arabia, Iraq, Kuwait and the United Arab Emirates, are not discussing extending deeper voluntary oil output cuts of 1.18 million barrels per day beyond June, Reuters reported on Wednesday, citing two OPEC sources.

Market reaction

Headlines suggesting that the OPEC+ meeting was in doubt over disputes on oil-quota cheating earlier in the day caused crude oil prices to fall sharply. As of writing, the barrel of West Texas Intermediate (WTI) was down 2.23% on the day at $36.