“We now anticipate that the OPEC alliance may extend voluntary production cuts beyond the second quarter,” analyst Natasha Kaneva said in the report.

“Increased inventories and lower oil prices than needed to cover domestic spending mean we need to be cautious when considering increasing production.”

“The sharp rise in physical oil inventories in April against the season is worrying”, despite strong fundamentals elsewhere.

The fall in oil prices this week shows that “when physical buyers leave the market, Brent's top one is indeed 90 US dollars/barrel.”

Kaneva kept its price forecast unchanged. It is expected that the price will be high in the range of $80-90 per barrel in May, and then at the level of 85 US dollars/barrel.

Citigroup and Morgan Stanley also expect production cuts to be extended.

Christyan Malek, head of energy at J.P. Morgan Chase, has a different opinion and believes that there is a reason for “strong” demand for OPEC+ to resume supply.