A possible deal to support oil prices by the world’s leading producer countries may last for one year, the secretary-general of OPEC said on Tuesday, longer than other officials have indicated.
OPEC and non-member producers including Russia are discussing a deal to stabilize the market by at least freezing output, although key details such as the timing and baseline for any deal have yet to emerge.
“One year, we are looking at one year,” OPEC Secretary General Mohammed Barkindo said, RIA news agency reported.
Russia and members of the Organization of the Petroleum Exporting Countries hold an informal meeting in Algiers on Sept. 28. Algeria’s energy minister said on Monday any OPEC move to freeze output would help balance the market for at least six months.
Several producers have called for an output freeze to rein in a supply glut that triggered a price collapse in the last two years, hitting their income. Previous talks on an output freeze collapsed in April.
via Reuters
Content is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at info@marketpulse.com. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.
Alfonso Esparza
trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Latest posts by Alfonso Esparza (see all)
- Market Rally Still Going Low Holiday Volumes Awaiting Start of 2020 - 27 December 2019
- Market Awaits China Retaliation on Trade - 29 November 2019
- Alibaba to Close Order Book Ahead of Huge IPO - 18 November 2019