Alva Review-Courier -

OPEC and allies likely to extend production cuts at meeting

 

November 30, 2017



VIENNA (AP) — With crude prices at two-year highs, OPEC and allied oil producing-nations appear ready to agree to extend their output cuts at a meeting Thursday after Iraq's energy minister said there was broad agreement for such a move.

Benchmark crude prices are now close to $60 a barrel, depending on the grades, up almost 20 percent since a year ago. And the bets have been that the Organization of the Petroleum Exporting Countries and their non-OPEC partners will try to keep supply tight by prolonging the daily 1.8 million barrel output reductions agreed to a year ago.

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