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

Advertisement
The Organization of Petroleum Exporting Countries (OPEC) released its monthly oil market report on Thursday, and the news was enough to send WTI below $50 after...
1 week ago • OilPrice.com
OPEC’s compliance with the output cuts will continue to slip in the second half this year, despite recent rhetoric reiterating the cartel members’ commitment...
2 days ago • OilPrice.com
A surge in Libyan oil production in July sent total OPEC output higher by 172.6kbpd last month to 32.87mmbpd, the highest monthly production this year, as Saudi...
1 week ago • Zero Hedge
OPEC and its non-OPEC partners have not closed the door to the possibility of extending the production cut agreement or even lowering production levels, Saudi...
1 week ago • OilPrice.com
Advertisement
One month after abandoning the OPEC production cut deal and shaking the alliance, Ecuador said this week that it was planning to cap its crude oil production at...
19 hours ago • OilPrice.com
U.S. shale is poised to outlast OPEC. It has long been the suspicion of many oil market analysts that the U.S. shale industry was likely too nimble for OPEC to...
3 days ago • OilPrice.com

You might like