Opec expected to extend output cuts amid global headwinds
Analysts agree that Opec’s production cuts are resting on Saudi Arabia’s shoulders despite the September attacks and growing tensions with Iran. – EPA file pic, December 3, 2019.
FACED with slowing global economic growth and abundant stocks putting pressure on oil prices, the Opec group of oil producers and its partners are set to maintain production cuts when they meet in Vienna on Thursday and Friday. The cuts of 1.2 million barrels per day from October 2018 levels were originally fixed in December last year and were already extended at Opec’s last meeting in June.
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