Bogota Free Planet Comments
OPEC Will Extend The Cut
Posted by BFP Staff on Nov 27, 2017 at 09:16 AM
Algeria, Venezuela, and Nigeria are suffering through the political blowback of years of corruption and mismanagement.
By Zainab Calcuttawala for Oilprice.com
There will be an OPEC deal extension—no matter the public tussling between opposing forces in the industry cartel—if the world’s largest oil producers are really determined to end the supply glut.
A failure to agree on the market remediation would cause oil prices to plummet immediately, forfeiting any gains that have been made in the last year.
Saudi Arabia needs $60 per barrel for its Aramco initial public offering to be a success in the second half of next year. It plans to sell just five percent of its prized company in the largest IPO in financial history, but a low price could force the country to sell a larger share, siphoning off government revenues at a time of strained budgets.
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