OPEC Loses Power of Surprise as Majority Back Cuts Extension
- Group meets May 25 to decide whether to continue output curbs
- Most members have already said they would extend current deal
Emirates NBD's Bell Sees Bloated Oil Market
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With a week to go until OPEC meets to discuss the group’s production policies, a majority of the group’s members have already set out their positions: they want to extend a round of oil output cuts to eliminate a glut.
Seven out of 13 members of the Organization of Petroleum Exporting Countries -- representing 84 percent of the producer club’s collective output -- have publicly stated support for continuing their supply curbs. Their pronouncements may diminish the impact of the meeting if it does go as planned.