OPEC and non-OPEC producers will probably extend a deal to limit crude supply but are unlikely to deepen cuts, Oman’s energy minister said on Monday, as the United Arab Emirates said it was not worried about long-term oil demand growth.
The Organization of the Exporting Producing Countries, Russia and other oil producer allies – a group known as OPEC+ – have since January implemented an agreement to cut output by 1.2 million barrels per day until March 2020 in an attempt to boost prices. The group meets in December.
“Extension probably, cuts I think unlikely unless things happen in the next couple of weeks,” the energy minister of non-OPEC Oman, Mohammed bin Hamad al-Rumhy, told reporters at an energy conference in the United Arab Emirates capital Abu Dhabi.
He said oil demand was improving as trade tensions soften and that Oman was satisfied with current oil prices, which fell more than 1% on Monday amid concerns over the prospects of a trade deal between the United States and China. Read More
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