Speculations about new cuts surround OPEC meeting
OPEC member countries meet this Thursday and Friday to discuss topics of common interest. It is presumed that they will announce new cuts of production quota
The Organization of Petroleum Producing Countries (OPEC) meets for two days to discuss issues inherent in the production quota of its members. This Thursday and Friday is the appointment in Vienna; a meeting full of suspicions about new production cuts.
The price per barrel rose 4% last day; however, this Thursday has yielded slightly and Brent barrel reached $ 62.98 while WT barrel reached $ 58.33. The world remains at the expectation about what may result from the meeting.
According to the information to the media, “the 14 members of OPEC and the group of non-OPEC allied producers – headed by Russia (known as OPEC +) – are expected to keep the production cuts in current level of 1.2 million barrels per day until June 2020.“
As is known, the agreement expires in March 2020. However, it is speculated that the organization “may even choose to cut production further if Russia agrees.”
The final decision is unknown. What is certain is that this Thursday OPEC members meets and on Friday will be the encounter with its non-cartel allies.
M.Pino
Source: Bolsamania.com
