Oil Producers Set for 9 More Months of Cuts: OPEC Reality Check
OPEC Said to Extend Oil Production Cuts for Nine Months
Reeling from the worst oil-market rout in a generation, producers controlling about 60 percent of world supply came together last year determined to put an end to the global glut. Five months on, their historic deal to cut output has failed to drain inventories or sustain prices much above $50 a barrel after early gains brought U.S. competitors roaring back to life.
On Thursday, ministers from the Organization of Petroleum Exporting Countries and its allies meet in Vienna to decide whether to prolong their agreement. Major producers including Saudi Arabia, Russia and Iraq favor an extension for nine months and, while other options will be discussed, consensus is building around an agreement that runs through next March.