1.2 m

— together known as OPEC+ — is likely to see a drop in output by 1.6 million barrels a day, the bank said.

“We see a major rebalancing with Saudi ( Arabia) and UAE likely reducing output by 1.2 million barrels a day from November levels … Other members

Bank of America Merrill Lynch warned that the price of Brent crude could fall to $35 a barrel if global GDP slows down to 2 percent.