Cuts in oil production should have new extension agreement

OPEC members are considering extending the global pact oil reduction for a few more months beyond the first quarter of 2018. The first country to defend the lengthening of the term was in Angola, through the Angolan oil Minister, José de Vasconcelos.

The representative of Angola said that the country is in accordance with the extension of the term of commodity production cuts, as long as the other members of the cartel to adopt the same measure. In the view of Valencia's most interesting and lucrative future cut longer in order to raise the price of a barrel, than expand production and sell cheaper.

Currently 50% of the revenue of the Angola oil and originate with prices under $ $40 dollars a barrel, the country has been suffering with few investments in the sector and budget imbalance. Angolans expect a rise to at least $ $50 dollars a barrel, for the country to get back on your feet again.

Will the members of the cartel will keep the reduction in production until mid-2018? We're still keeping up with everything that happens in the market of oil, gas, energy, gasoline, fuels, Petrobras, onshore and offshore, Offshore Panorama portal here. Your business goes through here. Check out: www.panoramaoffshore.com.br. www.facebook.com/panoramaoffshore.

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