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Sunday, December 3, 2017
Production cuts from both OPEC and its non-OPEC partners have extended their production agreement through 2018, serving to buoy already steady oil prices which have been hovering in the $60-$65 range for Brent crude futures.
In addition, the next round of cuts will include “soft targets” for Nigeria and Libya, countries which have been exempt from previous production caps. At present there is not a hard figure for the two OPEC producers, but the cartel is taking the matter under consideration.
Oil prices nudged up slightly on Friday after OPEC and other major producers made their pledge to extend output cuts. Brent crude futures gained 46 cents at $63.57 per barrel, while U.S. crude futures traded 0.2% higher at $57.40 per barrel.
Besides looking to boost oil prices, OPEC and partners are also looking to bring down global inventories, which is the main goal for the next round of production cuts. The organization will review the status of world market inventories and oil price again next summer, unless external events make it necessary to do so beforehand
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