InstaForex InstaForex

Prime News

OPEC Inclined to Extend Deal, but Non-Producers Should Join: Sources

OPEC producers are prompted to extend their output deal beyond June, but Russia and other non-producers need to remain on board, people privy to the matter said.

They sealed a deal last year to lower its output rate by around 1.2 million barrels a day for half a year, beginning January 1. Since then, it has bolstered prices. But greater returns and escalating inventories in industrial countries have spurred American firms to produce more.

An OPEC representative noted prolonging the pact is needed in order to gain the equilibrium in the oil market, but should be done with other non-producers.

Sources familiar with the oil cartel said in February that it could extend the accord, or deepen curbs from July, should inventories fail to reach the targeted level.

Recommend: Prime News
 
Canada Wholesale Trade Down 0.5% in June
22 Aug 2017, 00:49 UTC+00   
Views today: 1318 
European Markets Lower as Fiat Chrysler, Maersk Pared Losses
21 Aug 2017, 23:49 UTC+00   
Views today: 1317 
Gold Prices Lower; Investors Cautious Ahead of Jackson Hole...
22 Aug 2017, 01:22 UTC+00   
Views today: 1317 
Wall Street Mostly Higher as Tech Stocks Drop
22 Aug 2017, 00:10 UTC+00   
Views today: 1315 
Sempra Energy Strikes Deal to Buy Oncor for $9.45 Billion
22 Aug 2017, 02:06 UTC+00   
Views today: 1311 

All Prime news

Start trading with
no risks and investments
With new Start-Up Bonus of $1000
Get bonus
55%
from InstaForex
on every deposit