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OPEC oil cut decision likely to extend beyond 2017

by ChemOrbis Editorial Team -
  • 11/05/2017 (12:26)
According to media reports, Saudi Arabia’s Oil Minister Khalid al-Falih said the OPEC’s production cut agreement is likely to be extended not only to the second half of this year but to 2018 as well in line with the country’s aim to bring the supply-demand dynamics back into balance.

However, doubts remain that a possible extension might not work to keep global crude oil stocks and prices in balance as the US signals it will increase its production and Iran is planning to raise its daily production to 5.7 million barrels.

The OPEC countries agreed on reducing oil production for six months last November to improve global oil prices. The group will meet on May 25 in Vienna again to discuss a possible extension of the deal, which is highly likely according to many analysts.
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