8 members / 396 guests (24 hours)

An Interesting IDB update! And how IDB got even faster.  IDB is fast, reliable, and FREE to use. Just join and start posting!

OPEC will need to extend output curbs to sustain oil price recovery: Reuters poll

OPEC will need to extend output curbs to sustain oil price recovery: Reuters poll

 

OPEC will have to extend its oil output curbs in order to sustain a recovery in prices, as a revival in crude production outside the group may scupper its efforts to erode an overhang of unused inventory, a poll of market analysts showed on Friday.

Six of the 10 analysts polled by Reuters said they believed OPEC will extend its output cuts beyond June this year, while two felt the group did not need to extend the deal and a further two were undecided.

audi energy officials had warned top independent U.S. oil firms not to assume OPEC would extend output curbs to offset rising production from U.S. shale fields.

"The recovery (in shale production) may be a bit stronger than OPEC anticipated which may be a similar situation of the years up to 2015," ABN Amro analyst Hans Van Cleef said.