OPEC is likely to extend last year’s production cuts when it meets in Vienna on May 25, but that won’t be enough to boost oil prices.
That’s the assessment from Scott Clemons, chief investment strategist at Brown Brothers Harriman.
OPEC is currently producing roughly 31.9 million barrels per day, compared to 34.1 million barrels as of November 30, 2016, according to Bloomberg data.
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