OPEC heavyweights Saudi Arabia and Iraq agreed May 22 on the need to extend a global cut in oil supply by nine months in an effort to prop up crude prices, removing a potential stumbling block as producing countries prepare to meet this week.
Saudi Energy Minister Khalid al-Falih said he did not expect any opposition within OPEC to extending the curbs for a further nine months, speaking after he met his Iraqi counterpart in Baghdad.
OPEC meets in Vienna on May 25 to consider whether to prolong the original deal reached in December in which OPEC and 11 non-member countries, including Russia, agreed to cut output by about 1.8 million barrels per day (bbl/d) in the first half of 2017.
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Source: Daily Dose of ShaleDirectories.com News