OPEC Panel Discusses Extending Production Cuts

Wochit Headline News - Friday, 19 May 2017
A panel is reviewing additional scenarios for OPEC to deepen and extend the oil producing group's current cuts to production. An OPEC source stated that the cartel of nations is attempting to drain inventories of crude oil while supporting prices. The Economic Commission Board, which is conducting the panel, are set to finish their talks after three days. However, an agreement between Russia and Saudi Arabia will extend production into March of 2018. Although Saudi Arabia is the largest producer in the OPEC bloc, Russia is not a member. A previous deal only cut production for six months starting with the new year.

Recent related news

OPEC may be mulling over deeper oil production cuts, but they won’t be rushing to make that decision, even though a panel monitoring the cuts will be meeting...
3 hours ago • OilPrice.com
If at first you don't succeed, try again... and if that fails, *start jawboning about more production cuts again. * Iranian Oil Minister Bijan Namdar...
6 days ago • Zero Hedge
OPEC nations agreed to extend production cuts, which could set the stage for higher oil prices worldwide as early as next year, analysts say.
4 days ago • Christian Science Monitor
Just a week has passed since an OPEC official last aired the possibility of deeper cuts, and comments on steeper reductions are resurfacing from the cartel, just...
6 days ago • OilPrice.com
Despite a busy week in oil news, prices are hovering around the mid-$40s mark as inventories remain high and production from OPEC members Libya and Nigeria ramps...
1 week ago • OilPrice.com
OPEC’s production cut deal is unlikely to survive beyond its current deadline in March 2018, with the agreement seen falling apart towards the middle of next...
5 days ago • OilPrice.com

You might like