Oil up on expectations of extended, possibly deeper, output cut

By 22nd May 2017 Industry News No Comments

Oil prices rose on Monday, bolstered by confidence that top exporters will this week agree to extend supply curbs, with suggestions the cuts could even be deepened.

Prices have risen on expectations that the Organization of the Petroleum Exporting Countries (OPEC) and other producers, including Russia, will extend for another six or nine months a deal to cut supplies by 1.8 million barrels per day (bpd).

Some analysts argue that deeper cuts are required to balance the market, pointing to a slight rise in OPEC exports this year.

Full Article: Reuters