Google+ Followers

Thursday, 25 May 2017

OPEC Poised for `Safe Bet' of Nine-Month Extension of Oil Cuts - Bloomberg

OPEC Poised for `Safe Bet' of Nine-Month Extension of Oil Cuts - Bloomberg:

"OPEC and its allies were poised to extend their production cuts for an additional nine months after last year’s agreement failed to clear a global supply glut or deliver a sustainable price recovery.

Nine months with the same level of production “is a very safe and almost certain option to do the trick,” Saudi Arabian Oil Minister Khalid Al-Falih said at the opening session at the meeting in Vienna. “It’s likely we’ll be balanced earlier than later.”  Six months after forming an unprecedented coalition of 24 nations and delivering output reductions that exceeded all expectations, some of the world’s largest oil producers faced the fact that they’d fallen well short of their goal. Oil prices fell after ministers arrived at the meeting venue."



'via Blog this'