OPEC says winning battle to end oil glut – OPEC battle end oil glut - Arhive

VIENNA (Reuters) – OPEC and other oil producers are clearing a glut that has weighed on crude prices for three years and may wait until January before deciding whether to extend their output curbs beyond the first quarter of 2018, ministers said on Friday.

The Organization of the Petroleum Exporting Countries, Russia and several other producers have cut production by about 1.8 million barrels per day (bpd) since the start of 2017, helping lift oil prices by 15 percent in the past three months.

OPEC and its allies have been considering extending the deal beyond the end of March when it is due to expire.

Russia’s energy minister said no decision was expected before January, although other ministers suggested such a decision could be taken before the end of this year.

“I think we can return to this issue not earlier than January next year,” Russia’s Alexander Novak said when asked about a timeline for any decision on extending the pact to curb supplies.

Speaking after Friday’s meeting of oil ministers in Vienna, he also said OPEC and the other producers needed to continue working closely together well into 2018.

“We need not only to keep up the pace but continue our coordinated joint actions in full, but also work out a strategy for the future, to which we will stick starting from April 2018,” he said, adding oil demand was rising at a “high pace”.