OPEC and allies won’t probably postpone decision on crude cut extension

OPEC along with non-OPEC oil producers are moving toward deciding at their November 30 gathering whether to extend a global agreement to tame crude supply further into next year or not, as two ministers revealed on Monday, it appears to be a quicker time frame than previously indicated.

The Organization of the Petroleum Exporting Countries, Russia as well as nine other oil producers, are reducing output by nearly 1.8 million barrels a day until March next year for the purpose of eradicating a glut. Moreover, they’re also considering extending the pact for longer.

The previous month Reuters informed citing OPEC sources, that oil producers were about to prolong the pact until the end of 2018, although the decision could be delayed until early 2018 depending on the market.

On Monday, United Arab Emirates Energy Minister Suhail bin Mohammed al-Mazroui disclosed that he saw no need for the verdict to be postponed beyond the November 30 gathering in Vienna.

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