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.

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