As the Offshore Panorama comes with and reporting, the Organization of petroleum exporting countries (Opec) would be thinking of extending its efforts with regard to the reduction of oil production. However, despite the rumors, the OPEC Secretary General, Mohammad Barkindo said that it is too early to talk about the extension.
Which reinforces the intention of keeping the agreement would be the results of the latest report published by the Organization, in which reveals that global stocks rose 430,000 barrels per day in the quarter ended March 2017. This confirms that the oil surplus is still great.
The oil market awaits OPEC decision to look forward to has a meeting scheduled to take place at the end of May. Initially, the Organization was to reduce the supply of "black gold" in the first half of 2017.
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