Mubasher: Members and some non-members in the Organization of Petroleum Exporting Countries (OPEC) have reached a preliminary agreement to extend the deal to reduce oil production, reported Kuwait News Agency (KUNA), citing Mohammed Al Rumhy, Oman’s minister of oil and gas.
The 24 countries which had signed the previous agreement in December 2016 wish to extend the period of oil output reduction, Al Rumhy added, according to KUNA.
OPEC members are scheduled to meet in Vienna on 25 May to review the agreement and announce an extension, Oman’s minister revealed.
The rise in oil prices to $50 per barrel (pb) is a good sign, he noted, expecting an improvement in the market’s performance during the coming months, due to the balance between supply and demand.
In November 2016, OPEC members had agreed to cut daily production by 1.2 million barrels per day (mbpd) to reach 32.5 mbpd starting January 2017.
