There's already a consensus within the producers' group that a six-month extension is necessary, Kuwait's Oil Minister Issam Almarzooq told reporters Tuesday before leaving his country for Vienna. Iraq, OPEC's second largest and fastest growing oil producer, has so far voiced support only for a six-month extension.
European Union vows continued nuclear deal support post Rouhani reelection
President Donald Trump ended a visit to Tehran's arch-foe Saudi Arabia where arms deals worth nearly $110 billion were signed. In his victory speech, Rouhani said that the Iranian people had made their choice clear and that it must now be respected.
Non-OPEC member Kazakhstan has said it would struggle to join any new deal on the old terms, as its own output was set to jump while two other non-OPEC nations Oman and Mexico confirmed their support for a nine-month extension.
OPEC may face another challenge next year in its quest to re-balance the market after U.S. President Donald Trump announced a proposal to sell half of the country's strategic petroleum reserve, which holds almost 700 MMbbl, starting next year.
But this Thursday's frenzy could be even fiercer than usual as Opec-watchers say there's a potential surprise in store.
Saudi Arabia and Russian Federation, the biggest of the 24 producers in the accord - and which don't get on in other areas either - agreed last week that it should be extended until March.
#ManchesterBlast- Ariana Grande suspends tour
Our thoughts are with those 22 victims that we know have died, the 59 people who have been injured and their loved ones. It is a popular concert and sporting venue. broken. from the bottom of my heart, i am so so sorry. i don't have words.
Saudi Arabia and non-Opec member Russian Federation, the world's top two oil producers, last week agreed on the need to prolong the current deal on cuts, which expires in June, until March 2018, pushing up prices.
Yesterday, Saudi Arabia and Iraq agreed on the need to extend a global cut in oil supply by nine months in an effort to trim the global supply glut and boost crude prices. Further, the reports indicated that the supply cuts would be deepened for purposes of tightening the market and propping up prices. "All I talked to from inside OPEC are supporting the nine months of cuts". Keeping output down will get harder because the tailwinds in the first half of the year - from a seasonal lull in demand to temporary oil-field maintenance - will be gone.
Strong production figures from the United States left the market flush with oil when OPEC members under a previous policy were defending their market share with more oil.
Back on Nymex, June gasoline rose 1.2 cents, or 0.7%, to $1.664 a gallon, while June heating oil added 2.2 cents, or 1.4%, to $1.605 a gallon.
'Pls help me': Frantic parents search for their children after Manchester attack
Some 59 people were also injured in the blast when the attacker detonated an improvised explosive device at the Manchester Arena. In the aftermath, a "broken" Ariana spoke out about the attack, tweeting: "From the bottom of my heart, I am so so sorry".
- 'Gut-wrenching' - music stars react to Manchester Arena attack
- Trump becomes first U.S.president to visit Western Wall
- Trump's FBI comments to Russians were aimed at cooperation - aides
- Trump Becomes First Sitting US President to Visit Western Wall
- Case against seven Tamil actors after failing to appear in court
- No Ukrainians injured during terrorist attack in Manchester - Embassy
- Suspected Manchester concert bomber identified
- Ariana Grande tweets following deadly terror attack at United Kingdom concert
- Anadarko Petroleum (APC) Receiving Somewhat Favorable Media Coverage, Report Shows
- Turkey slams US over 'aggressive' acts against bodyguards