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OPEC Near Deal to Raise Oil Output
Oil producers are close to an agreement to raise their collective output by 1 million barrels per day in a bid to stabilize rising petroleum prices.
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Oil producers are close to an agreement to raise their collective output by 1 million barrels per day in a bid to stabilize rising petroleum prices.
Saudi Arabia describes the increase as a “good target” during this week’s meeting of the Organization for the Petroleum Exporting Countries it leads, The Wall Street Journal reports.
In 2016 OPEC, Russia and other producers agreed to cut their combined output by 2%, or about 1.8 million bpd, in a bid to elevate depressed oil prices. The ploy pushed the price of Brent crude, the global standard, from $29 in early January 2016 to more than $78 at the end of last month.
Now producers worry that even higher prices will hurt demand. Envoys at OPEC’s meeting in Vienna are spending the remainder of this week deciding which producers will be able to raise output quickly, and by how much. Some analysts calculate a final agreement will result in about 600,000 bpd of additional production.
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