Crude oil stages mild rebound in Asia as OPEC-led curb extension eyed…
Crude oil prices rebounded mildly in Asia as the market awaits full details of a widely expected extension of OPEC-led output curbs - albeit with a few wrinkles. OPEC and key ally Russia will extend output curbs for nine months, but likely review the deal in June of 2018 depending on market conditions, according to reports.Six ministers from OPEC and non-OPEC oil producers including Saudi Arabia and Russia met in Vienna on Wednesday and decided to extends the oil output curbs of 1.8 million barrels per day (bpd) to the end of 2018 - and discussed other related matters without detailing them."That's one of the recommendations," Kuwait's Oil Minister Essam al-Marzouq told reporters when asked whether the committee had agreed on a nine-month extension, among other matters.A formal announcement on the pact will be announced today evening.
Source : Investing
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