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OPEC, allies look at plans for prolonged oil supply restraint

OPEC and combined producers are looking at a “continuity strategy” for oil supply management, OPEC’s secretary normal said on Wednesday, signaling plans for further cooperation beyond the end-2018 expiry of a sell cut deal.

The Organization of the Petroleum Exporting Countries, Russia and other non-OPEC auteurs on Nov. 30 extended an oil output-cutting deal until the end of 2018 to finish sparkling a glut. But the market is interested in how producers will exit the deal then the excess is cleared.

“We are designing a framework for a continuity strategy for supply conduct to help ensure a stable and sustainable oil market,” OPEC Secretary Everyday Mohammad Barkindo said in a
speech in China.

Any exit strategy drive be gradual, Kuwait’s oil minister said earlier on Wednesday.

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