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OPEC is gearing up to extend production cuts

saudi arabia energy minister

OPEC ministers are gathering in Vienna on Thursday to address the ongoing oil glut and figure out their next move.

Most analysts expect the cartel to extend production cuts for another six to nine months following recent statements from major oil players.

Earlier in May, both Saudi Arabia and Russia, who is not a member of OPEC but is seen as a critical part of any potential agreement, said they backed extending the production cuts until March 2018.

Moreover, Saudi energy minister Khalid al-Falih said in a joint news conference with his Iraqi counterpart, Jabar Ali al-Luaibi, on Monday that Iraq gave the read more >>>

Source:: BusinessInsider.Com