BREAKING NEWS

BREAKING NEWS

OPEC, Russia likely to extend output cut deal - Total CEO

Now Reading:

OPEC, Russia likely to extend output cut deal - Total CEO

Text size Aa Aa

LONDON (Reuters) – OPEC and top oil producers are likely to extend a deal to curb output as Russia and Saudi Aramco agree on the need to support the market, the chief executive of Total <TOTF.PA> said on Wednesday “Saudi Arabia and Russia have really embarked on this strategy to support the market,” Patrick Pouyanne told reporters on the sidelines of the Oil & Money conference A visit by the Saudi king to Moscow recently “is a clear signal (that) it is in the interest of both countries to support the market … I will not be surprised to see the extension,” he said. OPEC and several non-OPEC producers agreed late last year on a six-month deal from January to reduce production in order to tackle a global supply glut. The deal has been extended until March 2018.

(Reporting by Ron Bousso. Editing by Jane Merriman)
euronews provides breaking news articles from reuters as a service to its readers, but does not edit the articles it publishes. Articles appear on euronews.com for a limited time.