Some of the world's largest oil producers will meet on Saturday to decide on whether or not to extend production cuts.
gained 5.78% to settle at $42.30. It was each contract's sixth straight week of gains, and the highest settle since March 6.
Under the current agreement, which was set during an extraordinary multi-day meeting in April, the 23-member group cut production by 9.7 million bpd beginning May 1 and through the end of June. The cuts would then begin to taper. From July through the end of 2020, 7.7 million bpd would be taken offline, followed by 5.8 million bpd from January 2021 through April 2022.
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Consulte Mais informação »
OPEC, Russia meet to extend record oil cuts, push for complianceOPEC and its allies led by Russia meet on Saturday to approve extending record oil production cuts and to push countries such as Iraq and Nigeria to comply better with existing curbs.
Consulte Mais informação »
OPEC and allies to agree one-month extension to output cutsOPEC and its allies led by Russia are 'most likely' to agree on a one-month extension to an oil production cuts deal on Saturday, an OPEC delegate said.
Consulte Mais informação »