That deal, which has helped push up oil prices, is due to expire at the end of June. Saudi Energy Minister Khalid al-Falih noted a “trend” among participants to prolong the cuts for nine months. But in the longer term, there are concerns among OPEC countries that higher oil prices may end up being counterproductive as they encourage US shale gas producers to re-enter the market — a development that could weigh on oil prices. Despite last year’s production cuts, oil prices have risen by less than OPEC hoped for. “This offsets nearly half of OPEC’s production cuts,” it noted.

Source: Egypt Independent May 24, 2017 17:37 UTC