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OPEC, Russia ready to extend oil-supply cuts through 2018

Oil&Gas Materials 30 November 2017 16:39 (UTC +04:00)
OPEC and Russia are ready to extend their oil production cuts until the end of next year to ensure global stockpiles keep falling and prices maintain recent gains
OPEC, Russia ready to extend oil-supply cuts through 2018

OPEC and Russia are ready to extend their oil production cuts until the end of next year to ensure global stockpiles keep falling and prices maintain recent gains, Bloomberg reported.

All OPEC members and Russia, the biggest producer outside the group to join the deal, agree the cuts should last until the end of 2018, according to delegates in Vienna to attend Nov. 30 meeting.

On Nov. 29, a committee charged with overseeing the agreement on behalf of the whole group also recommended extending until the end of next year, two delegates said.

Even though an extension through the whole of 2018 is all but certain, the cartel plans to hold a regular ministerial meeting next June, giving it the flexibility to alter the policy mid-game.

OPEC and other major oil producers such as Russia and Azerbaijan reached an agreement in December 2016 to remove 1.8 million barrels a day from the market.

OPEC and its partners decided to extend its production cuts till March 2018 in Vienna on May 25, as the oil cartel and its allies step up their attempt to end a three-year supply glut that has savaged crude prices and the global energy industry.

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