Wednesday, June 21, 2017

Oil producers seen extending output curbs

Published May 23, 2017, 10:00 PM By AFP
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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