OPEC cuts extension expectations value oil

According to Panorama Offshore has disclosed in recent days, possibly the oil production cuts proposed by OPEC members should be extended until after the middle of this year. The expectation that continuity has made the oil value recover.

Crude oil West Texas Intermediate, the US, due in April, increased by 1.3%, trading at US $ 48.32 a barrel. Oil contracts for June, on the ICE Futures Exchange (ICE Futures Exchange) in London traded at US $ 51.48 a barrel.  In New York Mercantile Exchange (Nymex) futures contracts for gasoline maturing in May increased 1.2% to cost $ 1.646 a gallon, while heating oil maturing in May advanced US $ 0,017, trading to $ 1.526 a gallon.

OPEC members agreed in late 2016 to reduce oil production by about 1.2 million barrels per day in the first six months of the year. While producing countries outside the cartel agreed to join the pact and further reduce 600,000 barrels per day.

The Offshore Panorama previously reported that in meeting held in Kuwait, to evaluate the progress of the global agreement to reduce oil supply, a draft of the statement said that the committee recommended the extension of the cuts for another six months. However, the final decision should be taken in May, after a meeting between the cartel and countries outside that will take place in April.

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