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Oil Output Cut Deal Will Likely Extend Past March: Venezuela's Maduro

Oil

On Tuesday, Venezuelan President Nicolas Maduro stated that an agreement between OPEC and non-OPEC countries to reduce oil output will surely continue beyond March 2018, Reuters reports. Maduro said that his belief is shared by his counterparts such as Iranian president Hassan Rouhani, and that it is very likely that such supply cut extensions will be universally agreed in the Vienna meeting on September 20, where oil ministers will discuss regarding production and regulation of the market. Meanwhile, Nigeria’s minister of state for petroleum resources noted that should US shale output continue to expand, prolonged output cuts would be difficult to maintain – “The earlier all of us get used to the fact shale is going to be there for a long time, the better”.