OPEC, non-OPEC see need to extend supply-cut pact: Saudi governor

6 May 2017   Prices

OPEC and other countries that agreed to cut crude production are converging on the need to extend the pact beyond June to help clear a supply glut, Saudi Arabia’s OPEC governor said on Friday. The Organization of the Petroleum Exporting Countries, Russia and other producers agreed last year to curb production by 1.8 million barrels per day (bpd) for six months from Jan. 1. But while oil prices have risen stockpiles are still high and production from countries that have not agreed to the cut, including the United States, has been rising, keeping crude below the $60 level that OPEC kingpin Saudi Arabia and others would like to see. “There’s an emerging consensus among participating countries on the need to […]

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