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OPEC to Extend Oil Production Quota through 2018
Members of the Organization of the Petroleum Exporting Countries have agreed to extend their quotas on oil production through the end of next year.
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Members of the Organization of the Petroleum Exporting Countries have agreed to extend their quotas on oil production through the end of next year.
OPEC’s decision includes the output of an array of non-cartel producers, including Russia. Both groups agreed last year to trim their output by about 2%, or 1.8 million barrels per day, to help stabilize sagging oil prices. In May they agreed to extend the pact to the end of March 2018.
A global glut of petroleum stockpiles have held petroleum prices at about $55 per barrel for two years. Prices in 2017 have crept up to about $57 from a low of $43 in June.
OPEC had hoped its self-imposed quota would push prices to $70—a level last seen in 2014—by 2020. But earlier this month the group lowered its forecast for growth in demand for petroleum-powered vehicles.
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