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

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.

Similar

Popular

Crude edges down in Asia on Caixin PMI

On Tuesday, crude prices traded weaker because a poll on Chinese manufacturing came in weaker than expected and market participants looked ahead to American inventories on oil as well as refined products to set the overall tone…

Deposit with your local payment systems

Callback

A manager will call you shortly.

Change number

Your request is accepted.

A manager will call you shortly.

Internal error. Please try again later

Beginner Forex book

The most important things to start trading
Enter your e-mail, and we will send you a free Beginner Forex book

Thank you!

We've emailed a special link to your e-mail.
Click the link to confirm your address and get Beginner Forex book for free.

You are using an older version of your browser.

Update it to the latest version or try another one for a safer, more comfortable and productive trading experience.

Safari Chrome Firefox Opera