Saudis want to extend oil reduction agreement for another six months

As Panorama Offshore has been announcing, it is on the agenda in oil producers both within the OPEC cartel and in other countries, the extension of the oil production cuts agreement for another six months. Some nations have already made it clear that they would participate in the extension of the treaty if it were agreed upon, among them is Saudi Arabia.

With Saudi support the likelihood of the pact being extended for another six months gets bigger. The global agreement was closed in December 2016 and began to take effect in January of this year. OPEC agreed to cut its production by 1.2 million barrels a day (bpd) for six months in order to sustain prices. So far the cuts have pushed the price of oil up to another $ 50.00 a barrel.

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