OPEC should maintain cuts in oil production

According to Reuters, the Organization of Exporting Countries of Oil (OPEC) will likely decide to extend existing cuts in oil production at the meeting to be Vienna. Then there will be a debate with a group of other exporters, including Russia, known as OPEC+.

"We are more likely to extend the contract in December to send a positive message to the market. The Saudis don't want the oil prices fall, want to put a floor below prices because of the IPO (Aramco) ", reported an OPEC source.

Last Thursday (21), Japan Oil Association President Takashi Tsukioka also said OPEC and other producers must agree to extend the agreement, which cuts oil production by 1.2 million barrels per day.


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