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OPEC Expected to Extend Production Quotas
The Organization of the Petroleum Exporting Countries is expected on Monday to extend its production quotas in a continuing effort to prop up the price of oil.
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The Organization of the Petroleum Exporting Countries is expected on Monday to extend its production quotas in a continuing effort to prop up the price of oil.
Some members of the cartel, notably Iraq and Nigeria, have been pumping above their quotas, The Wall Street Journal notes. It says Saudi Arabia, OPEC’s largest producer, will pressure members to abide by their pledges.
OPEC and a Russian-led group of other oil producers agreed in January to cut daily output by a combined 1.2 million barrels per day. Doing so lifted the price of Brent crude, the international standard, 36% to more than $75 by late April.
But OPEC prices since then have dropped to less than $66 per barrel compared with about $55 at the beginning of the year. Meanwhile, stocks of commercially available crude are about the same as in January, largely because of high output from U.S. oil shale operations.
Algeria is pushing to deepen OPEC-Russia production cutback to 1.8 million bpd, the Journal reports. The newspaper says Monday’s OPEC meeting promises a contentious debate over compliance.
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