OPEC And NOPEC To Meet At Vienna Summit To Discuss Cut Extensions

20 Apr 2017   OPEC

The members and non-members of OPEC that participated in the global agreement to reduce oil production in November will be meeting on May 25th – the day of the bloc’s planned summit in Vienna, sources in-the-know told Reuters . All but two members of OPEC – Nigeria and Libya – participated in the output reduction, with Saudi Arabia taking the largest hit to its production. Eleven NOPEC nations, including Russia, agreed to cut 600,000 additional barrels daily, which hoped to take out of production a total of 1.8 million barrels per day for the first six months of 2017. Now, the same countries are determining whether they should extend the provisions in the second half of 2017, but the fact that both OPEC and NOPEC are meeting on the same day suggests things may more quickly this time around. “It all depends on Russia’s position,” an OPEC delegate told […]

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