OPEC to review several options of oil output cuts in Vienna

OPEC to review several options of oil output cuts in Vienna

OPEC will review several options of the future of the oil output cut deal between OPEC and other producing countries on at the meeting on May 15, United Arab Emirates Energy Minister Suhail al-Mazrouei said. 

He said that increased US production is "not a huge threat for us not to roll over" production cuts, Bloomberg reported.

Saudi Oil Minister Khalid al-Falih said on May 8 that  the deal on cutting crude output can be extended to the end of 2017 or possibly longer.

On November 30, 2016, OPEC countries agreed in Vienna on reducing oil production by 1.2 million barrels per day, with a daily cartel-wide cap standing at 32.5 million barrels. Non-OPEC countries agreed to reduce output by 558,000 barrels a day. Russia pledged to cut production by 300,000 barrels daily.

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