OPEC, Allies Wait and See If Oil Cuts Need to Be Extended - Bloomberg:
"OPEC and its allies indicated that they’ll wait a bit longer to see if further action is required in their bid to clear a global oil glut. Ministers from nations that together pump more than half the world’s oil at times made conflicting statements, but broadly signaled that their meeting on Friday wouldn’t take concrete steps to address concerns that their agreement may end too early. While their production cuts have shown signs of success in recent months, the market could return to surplus next year if the group allows the accord to expire at the end of March. “OPEC members are trying to target a figure of close to $60 a barrel. We’re not too far away from that,” Nigerian Minister of State for Petroleum Emmanuel Ibe Kachikwu said in an interview on Friday with Bloomberg television in Vienna. “If we get to March and find that there’s a need to do more, I think we will.”"
'via Blog this'
No comments:
Post a Comment