Analysts believe that OPEC+ is expected to extend production cuts into the second half of the year to avoid global oversupply and boost oil prices.

Saudi Arabia and its partners have been reducing production by about 2 million barrels per day this year.CrashbandicootseriesAnd will meet on June 1 to consider whether to extend it. Crude oil prices surged last month as investors worried that the conflict in the Middle East could disrupt oil supplies, sparking speculation that OPEC+ might resume production to calm the market.

But 87 per cent of traders and analysts surveyed expect OPEC and its allies to extend production limits, possibly until the end of the year.

"OPEC+ will want to see evidence of continued tightening in the oil market before starting to increase supply, so it is highly likely that they will decide to extend the production cuts," said Richard Bronze, an analyst at Energy Aspects. "the issue will not be discussed enthusiastically until it is closer to the date of the meeting."

Crude oil prices fell back to a six-week low of nearly $84 a barrel in London, traders' concerns about hostilities between Iran and Israel and ample supplies from the United States, Brazil and Guyana have darkened the outlook for the crude oil market.