OPEC confident non-members will back oil cut extension

OPEC confident non-members will back oil cut extension | iNFOnews.ca
Khalid Al-Falih, Minister of Energy, Industry and Mineral Resources of Saudi Arabia stands prior to the start of a meeting the Organization of the Petroleum Exporting Countries, OPEC, at their headquarters in Vienna, Austria, Monday, July 1, 2019. (AP Photo/Ronald Zak)

VIENNA – Major oil producing nations are meeting in Vienna for a second day, with OPEC members expressing confidence that non-members of the cartel will sign off on a deal to extend cuts for another nine months.

Member nations of the Organization of the Petroleum Exporting Countries on Monday agreed to the extension in a bid to keep oil prices from sagging as the cartel faces a weakening outlook for global demand.

Heading in to meetings Tuesday with major non-members like Russia, Saudi Arabia’s Energy Minister Khalid Al-Falih said he was “100%” sure the cut would be approved by them.

He says “I’m very positive, very optimistic, and I think we are in a very good place today.”

Key non-member Russia already said Monday that it backs the extension.

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Abbey Westbury

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