OPEC is expected to announce soon an extension of oil cuts

The rumors about the extent of the cut in oil production worldwide, conducted by the Organization of Petroleum producing countries (Opec) seem to taking higher contours. That why, Saudi Arabia's Energy Minister, Khalid al-Falid, claimed that some OPEC members have reached a preliminary agreement to extend the production cuts.

In addition, the Russia that, while not part of the cartel agreed to curb production of "black gold", has evidence of your production reduction for a longer period.

The oil market's expectation now revolves around the next OPEC meeting, scheduled to take place on 25 may, whose agenda is the extension or not to the reduction of oil production that would end in June 2017.

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