best stock advisory company in indoreStock advisory CompanyStock Advisory in IndoreTop 10 advisory in indore
HNI Commodity Pack: Here’s what OPEC’s extended oil-production cuts mean for the market
OPEC and its oil-producing allies on Today officially agreed to extend production curbs to the end of next year, but the crude market barely settled higher as producers said they planned to review the market in six months.
In a news conference Thursday, Saudi Energy Minister Khalid al-Falih said the Organization of the Petroleum Exporting Countries and its allies, including Russia, reached a “unanimous decision” to extend their oil output-cut deal to the end of December 2018.
Ripples Advisory get a hot offer, click here Best >> Stock Advisory Company in Indore
U.S. oil production
Meanwhile, Brian Youngberg, senior energy analyst at Edward Jones said that the nine-month extension is “reasonably given markets could be in balance sometime in the second half [of 2018], but there are other variables like the response in shale, global demand and geopolitical issues like Venezuela and the general Saudi/Iran conflict.”
Libya and Nigeria
OPEC members Libya and Nigeria were exempt from the original output-cut pact because civil unrest in those nations disrupted their oil production.
Al-Falih said the two countries have agreed to cap their production at 2017 levels next year. “Libya and Nigeria have assured us that there is no upside risk in their production,” said al-Falih.
0 comments
Note: only a member of this blog may post a comment.