Opec set to prolong oil output cuts after Moscow-Riyadh dealOpec and its oil-producer allies decided in December to trim daily crude output by 1.2 million barrels. VIENNA: Opec and its allies are set this week to prolong oil output cuts to further boost prices, after the two biggest players Russia and Saudi Arabia agreed to do so. Global oil prices began a sharp ascent in mid-May after the sabotage of several tankers off the Emirati coast. "Geopolitical risk means the supply outlook is tightening, offsetting the moderate weakening in oil demand growth thus far this year," said oil specialist Ann-Louise Hittle at consultancy Wood Mackenzie. "There is a downside risk for oil demand through the rest of the year if the ongoing trade war intensifies," she added.

Source: Bangkok Post July 01, 2019 04:49 UTC