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Opec and Russia to hold firm on oil production

Ambrose, Jillian; 25/01/2018

Opec and Russia yesterday said they would maintain close ties to monitor the market’s recovery from one of its deepest ever oil price drops into next year. The deal between has been strengthened by a commitment to restrict crude supplies in 2018 and to continue collaborating into 2019. After meeting in Oman Saudi Arabia and Russia will limit oil production and despite a sharp rise in US shale production they will succeed in their effort to erode the worldwide crude glut . It comes days after the IEA warned that an expansion in US shale production could reduce the impact of Opec-led supply cuts.

Abstract details

Websites: http://www.telegraph.co.uk/business/2018/01/21/opec-ties-oil-allies-will-stretch-2019/

Keywords: Crude oil prices worldwide

Organisation: OPEC