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OPEC & Russia Agree Oil Cut Extension to End of 2018

Source: www.gulfoilandgas.com 11/30/2017, Location: Asia

OPEC and non-OPEC oil giant Russia agreed to extend production cuts until the end of 2018. The move was heavily telegraphed ahead of the decision, but the oil producers had earlier indicated they could exit the deal if they feel the market was overheating.

Russia needs much lower oil prices to balance its budget than OPEC’s leader Saudi Arabia, which is preparing a stock market listing for national energy champion Aramco next year and would hence benefit from pricier crude.

The deal to cut oil output by 1.8 million barrels a day was adopted last winter by the 14-member OPEC cartel, Russia and nine other global producers. The initial agreement was due to end in March 2018, having already been extended once.

Rather than extend the deal by nine months, the group was implementing a new deal that will last from January to December of 2018. The producers will review the deal at the next OPEC meeting in June to assess how it is impacting oil prices and global global crude stockpiles.

OPEC also decided to cap the combined output of Nigeria and Libya at 2017 levels below 2.8 million bpd. Both countries have been exempt from cuts due to unrest and lower-than-normal production.stock market listing for national energy champion Aramco next year and would hence benefit from pricier crude.

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