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OPEC likely to keep oil supply curbs for whole of 2018

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OPEC likely to keep oil supply curbs for whole of 2018 Empty OPEC likely to keep oil supply curbs for whole of 2018

Post  Admin on Thu Nov 02, 2017 10:11 am

DUBAI (Reuters) - OPEC is likely to stay the course by keeping its current curb on oil production in place for the whole of 2018 despite potential output disruptions next year, Gulf OPEC sources said.

The Organization of the Petroleum Exporting Countries, plus Russia and nine other producers, have cut overall output by about 1.8 million bpd since January. The pact runs to March 2018, but the producers are considering extending it.

OPEC is scheduled to next meet at its headquarters in Vienna on Nov. 30.

OPEC is likely to stay the course for the rest of 2018. We want to see commercial stocks going down,” the source said.

Another OPEC source said there was a high risk of a supply drop from Venezuela next year but that does not necessarily mean that OPEC will raise output elsewhere to make up for the decline.


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