OPEC Meeting: Saudis Look To Unwind Unilateral Output Cuts

Oil prices gave up earlier gains and turned lower as of 11:39 a.m. EDT on Thursday, after reports emerged that Saudi Arabia was offering to gradually ease its additional unilateral cut of 1 million bpd, on top of the OPEC+ group also gradually easing the cuts in the next three months. The Saudis are proposing to ease the extra cut, beginning with lifting production by 250,000 bpd in each of May and June, on top of the OPEC+ group also easing the cuts, by 350,000 bpd in each of the next two months, Amena Bakr, Deputy Bureau Chief and Chief OPEC…