OPEC prepares to deepen oil production cuts ...News

Russia Today - Economy
OPEC prepares to deepen oil production cuts
source : Russia Today ( News ) () 111
The Organization of the Petroleum Exporting Countries (OPEC) and its allies are moving closer to agreeing one of the deepest output cuts this decade to support crude prices and prevent a glut, sources told Reuters. The group and its allies, who are meeting in Vienna Thursday-Friday, are expected to discuss increasing current cuts of 1.2 million barrels per day (bpd) by more than 400,000 bpd, sources said. The current cuts expire in March and the new deal could be extended to June or until the end of 2020. RBC’s head of global commodities strategy Helima Croft told CNBC that a production cut of 400,000 bpd was “potentially a very realis

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