OPEC likely to extend output cuts into next year
May 25, 2017
VIENNA (AP) — The OPEC oil cartel and other producers, notably Russia, are this week expected to extend last year's production cut in a concerted attempt to prevent oil prices from falling.
With prices likely to fall because of an oversupply in the market if they don't, both Russia, and OPEC oil giant Saudi Arabia have spoken out in favor of an extension ahead of Thursday's meeting.
Last November, in a groundbreaking move to push prices higher, the 13-country Organization of the Petroleum Exporting Countries agreed to cut production by 1.2 million barrels a day, while non-OPEC countries c...