OPEC's Barkindo: Too early to talk about extending OPEC+ global oil output deal
|It's too early to talk about an extension to the Organization of the Petroleum Exporting Countries (OPEC) and its allies, known as OPEC+, crude oil output cut deal until the end of 2020, OPEC Secretary-General Mohammad Barkindo said on Thursday, as reported by Russian news agency TASS.
WTI reaction
The barrel of West Texas Intermediate (WTI) failed to stage a recovery on this comment and was last seen trading at its lowest level since early November at $54.95, down nearly 2% on a daily basis.
Earlier in the day, Saudi Arabia's energy minister said that all options, including further output cuts, will be on the table when OPEC+ meets again in March.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.