Investing.com UK - Financial Markets Worldwide
🐂 Not all bull runs are created equal. November’s AI picks include 5 stocks up +20% eachUnlock Stocks

OPEC, Russia likely to extend output cut deal - Total CEO

Published 18/10/2017, 11:17
© Reuters. A flag with the Organization of the Petroleum Exporting Countries (OPEC) logo is seen during a meeting of OPEC and non-OPEC countries in Vienna
TTEF
-

LONDON (Reuters) - OPEC and top oil producers are likely to extend a deal to curb output as Russia and Saudi Aramco agree on the need to support the market, the chief executive of Total (PA:TOTF) said on Wednesday

"Saudi Arabia and Russia have really embarked on this strategy to support the market," Patrick Pouyanne told reporters on the sidelines of the Oil & Money conference

A visit by the Saudi king to Moscow recently "is a clear signal (that) it is in the interest of both countries to support the market ... I will not be surprised to see the extension," he said.

© Reuters. A flag with the Organization of the Petroleum Exporting Countries (OPEC) logo is seen during a meeting of OPEC and non-OPEC countries in Vienna

OPEC and several non-OPEC producers agreed late last year on a six-month deal from January to reduce production in order to tackle a global supply glut. The deal has been extended until March 2018.

Latest comments

Install Our App
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.