As Offshore Panorama has announced the cuts in oil production agreed by OPEC and other oil producing countries can be extended for a few more months. At a meeting held this Sunday, March 26, an Organization ministers committee with the group outside the cartel agreed to assess market conditions and review, in April, an extension in the settings of voluntary productions.
According to the newspaper Folha de São Paulo, a draft of the statement he said that the committee recommended the extension of the cuts for another six months. The meeting took place in Kuwait and aimed to assess the overall progress according to reduction of oil supply.
The original duration of the agreement was expected to keep the cuts for six months and may be extended for another six. The Global Compact was closed in December 2016 and entered into force in January this year. The oil minister of Kuwait, Essam al-Marzouq said that the participating countries are free to agree or not with the extension of the deadline, but continuity will only be of any agreement of all participants.
By the time the cuts made oil prices rise to $ 50.00 a barrel, but with the rise of shale oil production in the United States, which does not participate in the agreement, commodity prices have been pushed down .
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