Does The Biggest Winner Of The OPEC Deal Support An Extension?
OPEC continues to make progress on cooperation as they close in on an agreement to extendtheir production cuts for another six months. On April 20, several top OPEC officials voiced their most definitive statements yet on the extension, even as they caution that more work needs to be done.
“There is consensus building but it’s not done yet,” Saudi energy minister Khalid al-Falih told reporters on the sidelines of a conference in the United Arab Emirates. “We are talking to all countries,” al-Falih added, referring to the key role that Russia will play in whether or not an extension can be sealed. “We have not reached an agreement for sure, but the consensus is building.”
On top of that, OPEC’s Secretary-General Mohammed Barkindo said the deal is working – it just needs more time. “We are optimistic the policy measures have already placed us on the path of recovery,” Barkindo said in a speech. “Our collective action will continue to prove effective.” Barkindo told CNBC on the sidelines of the event that OPEC’s “credibility is at stake”…