Qatar joins call for OPEC deal rollover to March 2018 - Platts

Dhwani Mehta FXStreet

Qatari oil minister Mohammad al-Sada said on Sunday, he joined a growing number of major oil producers calling for an extension to the OPEC and non-OPEC output cut deal to the end of March 2018, Platts reports.

Key Quotes:

After nearly three years of buildup in oil stocks, the process of rebalancing was "finally gaining momentum"

"We are optimistic that the extension of the agreement to the second half of this year will improve market stability, due to the higher expected demand in Q3 and Q4. This is further supported by the fact that the world economic situation is progressively improving"

"We also see merits of extending the agreement further to the first quarter of 2018, when demand is seasonally lower"

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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