OPEC and the countries outside the cartel, drilling oil, known as OPEC + have agreed to continue the cuts on the extraction of the raw material. The meeting was held in Oman earlier today, which discussed the introduced quotas and the situation on the oil markets.
After the talks, the sentiment is that the cuts will continue, Saudi Arabian Energy Minister Khalid al-Falih reports. And if market imbalances persist, OPEC+ may extent the agreement into 2019.
Formally, the talks on quotas and the possibility of extending for another year will be held in November 2019.
Russian Energy Minister Alexander Novak commented before the meeting that he expected a balanced market in 2018. When this happens, "time will show," he said.
Source: Bloomberg Pro Terminal
Jr Trader Alexander Kumanov
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