A committee of OPEC is considering deepening and extension of oil cuts

A committee of OPEC is considering deepening and extension of oil cuts




Confirmed the important sources of the Organization of the Petroleum Exporting Countries (OPEC) said Friday that a committee of the Organization should consider the scenarios scheduled meeting next week to determine production policy is considering the extension of a cut in oil production led OPEC cuts and the deepening of the option agreement.
Representatives of officials of the countries of the thirteen members of OPEC met by officials from the side of the OIC General Secretariat in Vienna on Wednesday and Thursday to discuss market conditions.
Two sources of OPEC said that it was due to the completion of the Council of Economic Commission meeting on Thursday , but will be closing later on Friday, while one of the sources said , "We did not agree on the final scenarios."
A second source said that the deepening of supply cuts option depends on the growth of supplies from outside the Organization estimates of oil shale and the US.
The Saudi Arabia and Russia , the largest oil producers in the world have agreed on the need to extend the current production cuts until March 2018.
The Iraqi Prime Minister Haider al - Abadi, confirmed in his weekly Tuesday, said that Iraq is committed to reducing oil production to reduce the surplus in the global market and will support the extension of production reduced in line with any decision taken by the "OPEC, the Organization but did not specify the period of time that Iraq would be prepared to comply with the current downwardly to produce oil, but the Iraqi oil minister he had confirmed last week that his country supports the extension of the cut for six months.
preceded by the meeting of the oil ministers of the meeting OPEC member states and a number of independent producers on May 25 to make a decision regarding the extension of the cut crude production because after 30 June agreement.
OPEC, Russia and other producers agreed originally to cut production by 1.8 million barrels per day for a period of six months starting from the first of January to support the market.
and found oil prices , which traded near $ 53 a barrel in support of reducing production , but the high level of stocks and the growth of producers supply non - participants in the agreement limits the high prices, which reinforce the justification for the extension of the agreement, and independent producers involved in the production of any decision cuts, he said sucking T OPEC "Friday 's meeting merely the exchange of information, nothing is important."
Global rose London Brent crude 63 cents to $ 53.14 a barrel by 0813 GMT , after jumping to $ 53.20 , its highest level since 21 of April. US crude rose 61 cents to $ 49.96 a barrel.


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