BLOOMBERG.COM
Reeling from the worst oil-market rout in a generation, producers controlling about 60 percent of the world’s supply came together last year determined to put an end to the global glut. Five months on, the historic deal has failed to drain inventories or sustain prices much above $50 a barrel after early gains brought output from U.S. competitors roaring back to life. On Thursday ministers from the Organization of Petroleum Exporting Countries and its allies will meet in Vienna to decide whether to re-up. All producers participating in the deal agree on extending the cuts by nine months beyond their June expiry, according to Saudi Arabia’s Minister of Energy and Industry Khalid Al-Falih.
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Reeling from the worst oil-market rout in a generation, producers controlling about 60 percent of the world’s supply came together last year determined to put an end to the global glut. Five months on, the historic deal has failed to drain inventories or sustain prices much above $50 a barrel after early gains brought output from U.S. competitors roaring back to life. On Thursday ministers from the Organization of Petroleum Exporting Countries and its allies will meet in Vienna to decide whether to re-up. All producers participating in the deal agree on extending the cuts by nine months beyond their June expiry, according to Saudi Arabia’s Minister of Energy and Industry Khalid Al-Falih.
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