OPEC will need to extend output curbs to sustain oil price recovery: Reuters poll

17 Mar 2017   OPEC

OPEC will have to extend its oil output curbs in order to sustain a recovery in prices, as a revival in crude production outside the group may scupper its efforts to erode an overhang of unused inventory, a poll of market analysts showed on Friday. Six of the 10 analysts polled by Reuters said they believed OPEC will extend its output cuts beyond June this year, while two felt the group did not need to extend the deal and a further two were undecided. “If OPEC is genuinely pursuing an inventory target, then an extension to current supply restraint is needed,” BNP Paribas analyst Harry Tchilinguirian said. “But given recent producer statements suggesting that a rollover of this policy is contingent on […]

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