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  • Reuters22 minutes ago

    Algeria says OPEC cut extension to ease oil glut by year-end

    Algeria's energy minister said on Wednesday he expects OPEC to extend oil output cuts by nine months, helping to ease a global glut of crude by the end of 2017 and possibly raising oil prices to more than $55 a barrel. The Organization of the Petroleum Exporting Countries meets in Vienna on Thursday to consider whether to prolong a deal reached in December in which OPEC and 11 non-members agreed to cut output by about 1.8 million barrels per day in the first half of 2017. Discussions have so far focused on extending cuts by six months to the end of 2017, by nine months until March 2018 or by six months with an option to extend by a further three months.

  • Reuters49 minutes ago

    Iran: There is debate over length of OPEC-led oil output cut extension - ISNA

    Iran's oil minister Bijan Zanganeh said Wednesday that OPEC will continue its production curb but there is debate among members about how long it will continue, the Iranian Students' News Agency reported ...

  • Reuters54 minutes ago

    Kuwait oil minister says deeper OPEC output cuts possible

    Kuwaiti Oil Minister Essam al-Marzouq said on Wednesday that all options are on the table for talks among OPEC and non-OPEC oil producers this week, including deeper output cuts and extending existing production curbs by one year. "All options are still open ... we will raise our recommendations to the ministerial council tomorrow," Marzouq told reporters when asked whether options included deeper cuts and a one-year extension. The Organization of the Petroleum Exporting Countries meets in Vienna on Thursday to consider whether to prolong the deal reached in December in which OPEC and 11 non-members, including Russia, agreed to cut output by about 1.8 million barrels per day in the first half of 2017.