OPEC most likely success of extending oil cut
It seems that the biggest petroleum countries are seeking to double their gains in oil markets by adapting a reduction agreement once again.
The movements of oil exporting countries plus non-OPEC such as federation of Russia all support the predictions that pumping reduction agreement reached recently would continue.
Iranian minister of oil, Bijan Zangeneh has pushed to the same direction since his statements carried signals for prolonging the oil reduction agreement. He stated on April 16 that the most oil producing countries prefer supporting the procedure as he announced Tehran’s approval to this agreement.
Joint Ministerial Committee of OPEC & some non-OPEC oil producing countries, during a meeting in Kuwait in late March, have carried over the final decision of whether to support or not the extending oil cut to scheduled gathering in Vienna on May 25.
The last ministerial assembling hosted by Kuwait included ministers from Several OPEC and non-OPEC oil producing countries, including Russia, Oman, United Arab Emirates, Kuwait, Venezuela, Iraq.
OPEC pledged to reduce output by 1.8 million barrels a day, an agreement confirmed in late 2016 and implemented in January 2017, in order to enfranchise the oil price from the bear.