Extension of cuts expected at OPEC meeting
OPEC
Vienna - Egypt Today
With oil prices nudging steadily higher, market expectations are for crude-pumping countries to prolong their deal to curb output at a meeting at OPEC headquarters in Vienna on Thursday.
Markets could be disappointed, however, with Russia reportedly not yet fully on board about signing up to extending the agreement, due to expire on March 31, until the end of 2018, experts say.
The deal by 24 producers reduced production by 1.8 million barrels per day, first struck a year ago, has already been given more time once.
It has borne fruit, helping reduce a global glut that sent oil prices to a less than $30 a barrel in early 2016, a level which helped consumers but blew a hole in producers' finances.
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