OPEC expected to extend output cuts amid global headwinds

MG News | December 03, 2019 at 10:24 AM GMT+05:00

0:00

December 03, 2019: Faced with slowing global economic growth and with abundant stocks putting pressure on oil prices, the OPEC group of oil producers and its partners are set to maintain production cuts when they meet in Vienna on Thursday and Friday.

The cuts of 1.2 million barrels per day from October 2018 levels were originally fixed in December last year and were already extended at OPEC's last meeting in June.

They are currently due to remain in effect until March 2020 and could be extended "until June, the date of the next summit," says Tomas Varga, analyst at PVM.

According to Andy Lipow from Lipow Oil Associates the cuts could even be drawn out "until the end of 2020".

OPEC's Economic Commission Board -- which is a strong indicator of the bloc's direction -- said last week that maintaining cuts into 2020 would lead to a "balanced" market.

AFP/APP

Related News

Name	Price/Vol	%Chg/NChg
KSE100	157,953.47 555.47M	1.14% 1775.65
ALLSHR	96,741.22 1,957.60M	1.16% 1110.83
KSE30	48,198.94 249.79M	1.09% 520.47
KMI30	232,694.17 290.89M	1.31% 3011.94
KMIALLSHR	65,027.13 1,019.78M	1.03% 660.37
BKTi	42,489.56 84.10M	1.35% 566.75
OGTi	31,779.36 15.21M	0.14% 43.57

Symbol	Bid/Ask	High/Low

Name	Last	High/Low	Chg/%Chg
BITCOIN FUTURES	117,295.00	118,295.00 116,115.00	1470.00 1.27%
BRENT CRUDE	68.29	68.32 67.34	0.34 0.50%
RICHARDS BAY COAL MONTHLY	84.00	0.00 0.00	-0.40 -0.47%
ROTTERDAM COAL MONTHLY	94.50	94.50 94.50	0.95 1.02%
USD RBD PALM OLEIN	1,106.50	1,106.50 1,106.50	0.00 0.00%
CRUDE OIL - WTI	64.07	64.11 63.11	0.37 0.58%
SUGAR #11 WORLD	16.09	16.27 16.08	-0.18 -1.11%