OPEC says winning battle to end oil glut

23 Sep 2017   OPEC

OPEC and other oil producers are clearing a glut that has weighed on crude prices for three years and may wait until January before deciding whether to extend their output curbs beyond the first quarter of 2018, ministers said on Friday. The Organization of the Petroleum Exporting Countries, Russia and several other producers have cut production by about 1.8 million barrels per day (bpd) since the start of 2017, helping lift oil prices by 15 percent in the past three months. OPEC and its allies have been considering extending the deal beyond the end of March when it is due to expire. Russia’s energy minister said no decision was expected before January, although other ministers suggested such a decision could be taken before the end […]

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