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Oil Producers Working to Extend Supply Cuts at Upcoming Vienna Meeting. By Diane Munro

 

Global oil markets remain volatile ahead of OPEC’s May 25 ministerial meeting on expectations that the producer group and its non-OPEC partners will extend production cuts until the end of 2017. The alliance agreed to reduce production by a collective 1.8 million barrels per day (mb/d) from January to June in a bid to rebalance oversupplied oil markets. Mounting concerns that resurgent U.S. oil production will offset lower supplies have led to oil prices trading in a volatile and wide range of $7.50 per barrel (bbl) since mid-March, with U.S. West Texas Intermediate (WTI) futures falling to a five-month low of just $45.88/bbl on May 9.

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Oil Producers Working to Extend Supply Cuts at Upcoming Vienna Meeting

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