Connect with us
Advertise With Us

BUSINESS

Oil Prices Rise Ahead Of OPEC Meeting

Published

on


Oil prices rose on Thursday ahead of an OPEC meeting in Vienna at which producers are expected to extend a supply-cut deal that came into effect in January with the goal of tightening supplies and propping up prices.

The Organisation of the Petroleum Exporting Countries (OPEC) will be meeting at its headquarters in the Austrian capital, along with ministers from other oil producing countries, most importantly Russia.

OPEC is scheduled to hold an open session, including media, at 10 a.m. (0900 GMT) in Vienna on Thursday, before going into a closed session at noon, according to a tentative programme on OPEC’s website.

Non-OPEC ministers are set to join at 3 p.m., followed by a joint press conference after the meeting.

Brent crude oil futures for February, the international benchmark for oil prices, were at 62.73 dollars a barrel . Oil was 67.90 dollars five weeks ago. .

U.S. West Texas Intermediate (WTI) crude futures were at 57.45 dollars a barrel.

While there has not been an official statement, OPEC and Russia seem ready to prolong their oil supply cuts until the end of 2018. The cuts were put in place last January and are set to expire next March.

However, an extension may include a review in June should healthy demand amid ongoing supply restraint overheat the market.

ANZ bank said “anything less than a nine-month extension to the current production agreement could see the recent sell-off accelerate.”


Copyright LEADERSHIP.
All rights reserved. This material, and other digital content on this website, may not be reproduced, published, broadcast, rewritten or redistributed in whole or in part without prior express written permission from LEADERSHIP. Contact: [email protected]

Would you accept FG's proposed cattle colony in your local area?

View Results

Loading ... Loading ...
Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Advertisement

Sign up for our newsletter


 

Pin It on Pinterest

Share This

Share this post with your friends!