OPEC on Verge of 9 Month Cuts Extension after Iraq Backing
Author: Windbetll tank gaugeTime: 2017-05-17
OPEC and its allies were poised to continue their production cuts for another nine months after Iraq backed an extension, removing one of the last remaining obstacles to an agreement.
The proposal is the latest attempt by oil producers from Saudi Arabia to Russia to prop up prices and revive their economies. The talks in Vienna are closely followed elsewhere as they can affect everything from the share price of Exxon Mobil to the Brazilian real and Nigerian sovereign bonds.