Backwardation would allow low-cost oil producers in OPEC to sell their output at a higher price linked to the spot market while curbing growth from shale firms that sell at prices linked to the forward curve
OPEC members Saudi Arabia and Algeria support extending oil output cuts by nine months
Oil prices fell on Tuesday after U.S. President Donald Trump proposed the sale of half the country's strategic oil reserves, even as producer club OPEC and its allies cut output to tighten the market. Laura Frykberg reports |
Emirates is committed to oil production targets agreed upon in the latest OPEC-led deal to curb output.
President Donald Trump's proposal to sell half of the U.S. strategic oil reserve highlights a decline in the biggest oil user's reliance on imports.
Russia's Rosneft is ready to resume full oil output quickly once OPEC-led cuts end.
Oil producers agree they need to do whatever is necessary to restore balance to the crude market.
ministers from OPEC and non-member producers meet on Thursday in Vienna.
We have agreed on the six months. Some of the countries have agreed to six months subject to a revision in November for an additional three months, says Kuwait's oil minister
The United Arab Emirates supports extending oil output cuts for another term: Minister