OPEC to be Discussing 9 Month Extension to Oil Production Cut Deal

October 18, 2017 Share Print 0

OPEC members are reportedly forming a consensus around extending their production cutting deal with other crude exporters by nine months, a move that would help to put a floor under oil prices.

That would prolong the agreement among OPEC, Russia and other oil-producing nations to keep 1.8 million barrels a day off the market through the whole of next year. The exporters reached the deal last December and have already extended the agreement once through March of 2018.

Sources told Reuters that OPEC may not agree to the extension at its next policy meeting in November. Instead, they may wait until early next year to make a final decision.

Oil prices strengthened following the report. International benchmark Brent crude futures were up 38 cents, or 0.7 percent, $58.26 per barrel by 10 a.m. EDT. U.S. crude for November delivery was up 31 cents, or 0.6 percent, at $52.19.

via CNBC

Content is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at info@marketpulse.com. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.

Bio
Twitter
Google+
Latest Posts

Alfonso Esparza

Senior Currency Analyst at Market Pulse

Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.