The Organization of Petroleum Exporting Countries is meeting on Wednesday to hammer out an agreement aimed at propping up falling oil prices. Oil producing nations like Iraq are in desperate need of more revenue.
The temporary closure of one of the biggest North Sea oil pipelines gives some much-needed hope to OPEC oil producers after months of stagnant prices. So far Brent crude oil prices have not budged much.
The 14 members of the cartel have decided to extend oil output cuts until the end of 2018 under efforts to curb a global glut of crude. OPEC also said it could exit the deal earlier if the market overheats.
After logging their biggest one-day drop in more than a month on Wednesday, oil prices have stabilized on the news that Saudi Arabia and Kuwait signaled that a deal to extend oil production curbs was in the pipeline.
OPEC ministers will assemble in Vienna this week to discuss an extension to oil production cuts to stabilize the price. Saudi Arabia and Russia have already signaled their commitment, but some doubt its effectiveness.
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