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Possible Oil Supply Cut Extension to be Discussed on Friday’s Vienna Meeting

Oil

Ministers on a panel monitoring the oil supply cut agreement of OPEC and non-OPEC producers will meet on Friday in Vienna after oil prices gained more than 15% in the past three months, discussions to centre on the potential extension of the oil supply pact which expires in March 2018, Reuters reports. At present, members of the panel are in agreement that the cuts have mitigated the unwanted supply glut and that the market is on its way towards rebalancing. Meanwhile, Energy Intelligence notes in its latest issue that some of the oil has been taken out of the market due to temporary reasons such as the field maintenance in Azerbaijan and the N. Sea and outages in Libya, and is therefore expected to return to the market.