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 it with the position of the US, which aims to boost the use of fossil fuels in its economy. Iran, Saudi Arabia’s main geopolitical rival in the Middle East, also wants to support the oil price because its economy depends on foreign exchange earnings from oil exports.
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