The OPEC oil cartel and its allies are expected Thursday to extend their supply cuts to avoid a sharp drop in prices in a global market awash in crude. Analysts at DNB bank said "there is no room for additional OPEC+ oil in 2025" on the market and a boost in output would push down crude prices.

OPEC+ has repeatedly stepped in to cut production and prop up prices when they start to fall below $70 per barrel. But as the group loses market share, those moves have less of an impact.

Oil prices have been under pressure from high interest rates, a strong dollar, and high U.S. oil production. OPEC could extend oil production cuts to support prices.