The Opec agreed last week with a number of rival producers, such as Russia and Oman, to renew an agreement to cut crude oil output by 1.8 million barrels per day (bpd) until March 2018. Photo: AFPLondon: The Organization of the Petroleum Exporting Countries (Opec’s) extended oil supply deal faces a litmus test in the next couple of months while summer demand kicks in, as wary oil traders and investors will need evidence, rather than reassurance, that rebalancing is underway. The Opec agreed last week with a number of rival producers, such as Russia and Oman, to renew an agreement to cut crude oil output by 1.8 million barrels per day (bpd) until March 2018. shale isn’t going to fill in the gaps forever, but going directly on the (market) response to the meeting, is it enough? But it will take hard data to persuade a sceptical market that Opec and its partners are on the right track.

Source: Mint June 02, 2017 12:33 UTC