OPEC in a ‘Whatever It Takes’ Moment to Prop Up Oil Prices
- Iraq, Kuwait, U.A.E. affirm Saudi’s call to extend OPEC+ deal
- Group’s president hints that deeper cuts could be considered
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OPEC hasn’t even started implementing its new six-month agreement to cut output, and already members responsible for most of the reductions have pledged to extend or even deepen it.
Officials from Iraq, Kuwait and the United Arab Emirates agreed with Saudi Arabia’s expectation that the group, along with Russia and other oil producers, will extend the agreement for another six months. The U.A.E.’s energy minister, while stressing that the 1.2-million barrel-a-day cut will clear an inventory buildup in the first half, hinted additional curbs could be discussed.