The survey expects OPEC + to extend production cuts into the second half of the year

May 2 - Crude oil prices surged last month amid fears that conflict in the Middle East could disrupt oil supplies, sparking talk that OPEC + could resume production to calm the market. But 87% of traders and analysts polled by foreign media predict that OPEC + will extend production cuts until the end of the year. Twenty-six out of 30 respondents predict that OPEC + will stick with the cuts, with eight predicting the cuts will last until the end of 2024 or even longer. Only four respondents forecast an increase in production, which could increase by as much as 1.10 million barrels per day. "OPEC + wants to see evidence of continued oil market tension before they start increasing supply, so there's a good chance they'll decide to extend," said Richard Bronze, analyst at Energy Aspects.