Oil Producers in Consensus to Extend Cuts, OPEC Members Say
- Oil cuts to be extended by six months: Iraq, Algeria ministers
- OPEC to make formal decision at May 25 meeting in Vienna
iiTrader's Sloup Warns of Oil Price Pressures
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OPEC and other oil producers taking part in output cuts have reached a consensus to extend the limits until the end of the year, oil ministers for two of the group’s members said.
All members of the Organization of Petroleum Exporting Countries support an extension of the cuts for a second six-month period, as do non-member nations that joined last year’s accord to curtail a global oversupply of crude, Iraq’s Jabbar Al-Luaibi and Algeria’s Noureddine Boutarfa said Thursday in a joint news conference in Baghdad.