Global Markets

OPEC, non-OPEC align to back oil price status quo

Oil prices look set to remain moderate as OPEC gathers in Vienna to discuss extending – and even deepening – the latest round of output cuts Oil prices look set to remain moderate as OPEC gathers in Vienna to discuss extending – and even deepening – the latest round of output cuts.
By Peter Stewart 24 May 2017 0 26045
An oil rig in Permian Basin. The United States is exporting oil to world markets in increasing volumes. (Devon Energy)

When ministers of OPEC’s 13 member nations meet in Vienna on Friday to discuss extending the cuts on oil output agreed with a group of non-OPEC countries in November 2016, it is likely to mark a rare coincidence of interests among the world’s leading oil producers. 

The United States is exporting oil to world markets in increasing volumes, but the country looks set to support (albeit tacitly) Saudi Arabia’s policy of imposing coordinated output limits by OPEC and non-OPEC producers. Russia’s participation in the deal aligns...