The fog has cleared ahead of OPEC’s next meeting, with Saudi Arabia and Russia clearly stating support to extend a global deal to cut oil supply for another nine months, OPEC’s secretary general told Reuters on Friday.
The Organization of the Petroleum Exporting Countries, plus Russia and nine other producers, have cut oil output by about 1.8 million barrels per day (bpd) since January. The pact runs to March 2018 and they are considering extending it.
Saudi Arabia’s Crown Prince Mohammad bin Salman said this week he supported keeping the deal in place for nine months, following on from similar remarks by Russian President Vladimir Putin.
“OPEC welcomes the clear guidance from the crown prince of Saudi Arabia on the need to achieve stable oil markets and sustain it beyond the first quarter of 2018,” OPEC’s Mohammad Barkindo told Reuters on the sidelines of a conference.
“Together with the statement expressed by President Putin this clears the fog on the way to Vienna on November 30.”
OPEC official: Saudi Arabia, Russia statements “clear fog” before November 30 meeting
OPEC official: Saudi Arabia, Russia statements “clear fog” before November 30 meeting
