Here is an overview of what to expect from tomorrow’s meeting and what it will mean for global economies, the oil markets and you. They recommended that OPEC and participating NOPEC countries extend the deal, as is, for an additional nine months. The markets are expecting OPEC to approve a 9-month extension, because almost all of the oil ministers from major OPEC and NOPEC participants have already verbally committed to it. US shale producers can only be happy when they see OPEC and NOPEC countries limiting their own production to raise the price of oil. In fact, if the situation further deteriorates in Venezuela and its 1.9 mbd come offline, the OPEC/NOPEC group—and all other global oil producers—could benefit from a significant rise in oil prices.

Source: Forbes May 24, 2017 19:18 UTC