OPEC’s extended oil supply deal faces a litmus test in the next couple of months while summer demand kicks in, as wary oil traders and investors will need evidence, rather than reassurance, that rebalancing is underway.
The Organization of the Petroleum Exporting Countries agreed last week with a number of rival producers, such as Russia and Oman, to renew an agreement to cut crude oil output by 1.8 million barrels per day (bpd) until March 2018.
The oil price has fallen below $50 a barrel for the first time in four weeks, despite pledges from Saudi Energy Minister Khalid al-Falih that the group will do “whatever it takes” to reduce global inventories and rebalance the market. Read More…
Credit By: The Times Of India
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