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Reuters: Oil producers discuss extending supply cut by nine months or more

Published 05/08/2017, 10:57 AM
Updated 05/08/2017, 10:57 AM
© Reuters.  Reuters: Oil producers discuss extending supply cut by nine months or more
  • OPEC and non-member oil producers are considering extending the global supply cut for nine months or more to avoid an increase in Q1 when demand is expected to be weak, Reuters reports, citing OPEC and industry sources.
  • OPEC countries including core Gulf members are discussing internally whether an extension of nine months or longer is needed to give the market more time to rebalance, according to the report.
  • Also, Saudi Energy Minister Khalid al-Falih said earlier today that the OPEC-led production cut could be extended beyond 2017.
  • June WTI crude +$0.5% at $46.48/bbl., Brent +0.4% at $49.29/bbl.
  • ETFs: USO, OIL, UCO, SCO, BNO, DBO, DTO, USL, DNO, OLO, SZO, OLEM
  • Now read: Cracked Crack Spreads, But Some Positive Signs At The End Of An Ugly Week


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