Published May 23, 2017, 10:00 PM By AFP
http://business.mb.com.ph/2017/05/23/oil-producers-seen-extending-output-curbs/
Vienna – Oil producers inside and
outside the OPEC cartel have little choice but to extend their deal from late
2016 curbing output when they meet in Vienna on Thursday, analysts say.
Less predictable, however, is the
extent to which this will succeed in boosting the price of crude, particularly
with US shale producers back from the dead and pumping at near-record levels.
In November the Organization of the
Petroleum Exporting Countries agreed to slash output by 1.2 million barrels per
day (bpd) to reduce a global supply glut and lift the oil price.
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