At a meeting held on Thursday, may 25, the Organization of petroleum exporting countries (Opec) decided to extend cuts in oil production until March 2018. The stipulated period exceeded the expectations of investors, who suggested that the extension to the agreement that until the end of this year.
As was agreed in the first time, the cuts will be divided between the members and other countries outside the cartel, like Russia, which reduced your production in January and has already signaled it would agree to continue with the cuts until next year.
The decision to reduce the production already had good impact on global oil and gas market, having pushed oil prices to above $ $50 dollars a barrel, heating up a market that already for a while I was going through a torrid phase.
However, excess global oil, especially in the United States, still worried about the producers, as they may harm the development of commodity and, consequently, make the revenue fall. We will continue to "eye" on the impact of reservations and on new "wave" of cuts.
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