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OPEC May Extend Production Cuts
The Organization of the Petroleum Exporting Countries says it may decide to continue production cuts it says have helped prop up oil prices.
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The Organization of the Petroleum Exporting Countries says it may decide to continue production cuts it says have helped prop up oil prices.
Led by Saudi Arabia, OPEC has targeted a rollback of 1.2 million barrels of crude per day, or about 4% of its normal output. The cartel also coaxed several other oil producers, including Russia, to pledge a combined reduction of 558,000 bpd.
Reports indicate the cutbacks, which took effect on Jan. 1, have haven’t achieved their targets. OPEC insists to The Wall Street Journal that the group has shown “impressive performance.” Analysts note that huge oil inventories continue to hold oil prices below $50 per barrel, close to their pre-reduction range.
OPEC tells the Journal its members have a “strong willingness” to extend the quotas. The group’s next scheduled meeting to discuss production will be in Vienna on May 25.
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