OPEC has agreed to extend oil output cuts for nine months, Reuters reported citing an OPEC delegate.
Equatorial Guinea became a new member of OPEC during the 172nd meeting of the cartel being held May 25 in Vienna, Austria.
The 172nd meeting of OPEC kicked off in Vienna, Austria May 25.
The probability of extension of the oil output cut deal for the next nine months is very high
The price of OPEC’s basket of 13 crudes stood at $51.96 per barrel on May 24, as compared to $51.34 a barrel on May 23.
If OPEC fails to reach an agreement in Vienna, this would put significant pressure on prices which could fall to an annual average of $43 per barrel for Brent in 2018.
World oil prices are rising on May 25 after OPEC and non-OPEC countries moved closer to agreeing on the deal extension.
Other News 24 May 21:34
OPEC and non-member oil producers moved closer on Wednesday to clinching a deal on extending output cuts by nine months to clear a global stocks overhang and prop up the price of crude
Oil&Gas 24 May 17:40
Azerbaijan will support the proposal to prolong the agreement on reducing oil output between OPEC and non-OPEC countries.
Oil&Gas 24 May 17:10
A ministerial committee consisting of some key OPEC and non-OPEC members recommended on Wednesday keeping oil output cuts at the same level when oil producers meet the following day.