The Organization of the Petroleum Exporting Countries and its allies are taking a multi-layered bet that global oil dynamics will work in their favour by extending their crude oil production cuts until the end of 2018.
The group met market expectations by extending the combined 1.8 million barrels per day (bpd) of output cuts from their previous expiry of March next year at their meeting in Vienna on Thursday.
A commitment to exit the agreement gradually so as not to shock the market also sounded soothing, and it also appeared to give the impression that OPEC and its partners are firmly in control of what’s happening in global crude markets. Read More…
OPINION: OPEC, Russia Have Done Their Bit, Now It’s The Turn Of U.S., China: Russell added by ET Energy World on
View all posts by ET Energy World →
Latest posts by ET Energy World (see all)
- OPINION: OPEC, Russia Have Done Their Bit, Now It’s The Turn Of U.S., China: Russell – December 1, 2017
- Dharmendra Pradhan, C’garh CM Inaugurates Odisha’s Biggest Automated Oil Terminal – November 30, 2017
- L&T Consortium Wins $250 Million Power Project In Bangladesh – November 29, 2017
