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JP Morgan sees OPEC+ rollover to May, Saudi to extend its cuts by two months

LONDON, March 30 (Reuters) - JP Morgan believes OPEC+ will trade cautiously when it meets this week by largely rolling over its production cuts into May and that Saudi Arabia will extend its voluntary cut by two more months until the end of June, it said in a research note.

“We expect the alliance to start adding production in 500,000 barrel per day (bpd) increments beginning in June and lasting through August,” it said before Thursday’s OPEC+ meeting.

The bank said Saudi Arabia was only likely to reverse its voluntary 1 million bpd additional cut in July, in two 500,000 bpd installments.

Reporting by Ahmad Ghaddar; Editing by Edmund Blair

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