OPEC and its oil-producing allies shifted Monday towards extending their daily output caps, sending oil prices racing higher before the outcome of the cartel”s official gathering.
Ministers from the 14-nation Organisation of the Petroleum Exporting Countries (OPEC) met in Vienna to discuss output, before gathering a day later for OPEC+ — which is a grouping of 24 oil-producing countries that includes Russia and together accounts for almost half of global crude.
The enlarged crude producing club had already decided in December to remove 1.2 million barrels per day from the market to bolster prices and soak up excess supplies. Read More
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