Algeria, Iraq, Russia, KSA, Qatar favor 9 months oilput cut expansion, UAE, Kuwait need further analysis

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Algeria, Iraq, Russia, KSA favor 9 months oilput cut expansion, UAE, Kuwait need further analysis

Algeria, Iraq, Russia, Qatar  as well as KSA have supported, in an informal meeting, held today in Vienna,  the extending of the output curbs by nine months rather than  six months in order to speed up market rebalancing  whereas some Gulf OPEC members including Kuwait and the United Arab Emirates have asked  for further analysis, Reuters reported.

 

A nine-month extension is  favored by OPEC members Iraq and Algeria as well as top non-OPEC producer Russia,  whereas some Gulf OPEC members including Kuwait and the United Arab Emirates have asked  for further analysis.

Saudi Arabia, supports  extending the output curbs by nine months rather than  six months in order to speed up market rebalancing and prevent crude prices from dropping back below $50 per barrel.

The Organization of the Petroleum Exporting Countries meets formally in Vienna on Thursday to decide on whether to prolong the deal reached in December or not.

 

 

 

 

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