[CNBC Television] Believe OPEC+ will agree to extend production cuts, which will keep the market tight: Midgley

🎯 Загружено автоматически через бота: 🚫 Оригинал видео: 📺 Данное видео принадлежит каналу «CNBC Television» (@CNBCtelevision). Оно представлено в нашем сообществе исключительно в информационных, научных, образовательных или культурных целях. Наше сообщество не утверждает никаких прав на данное видео. Пожалуйста, поддержите автора, посетив его оригинальный канал. ✉️ Если у вас есть претензии к авторским правам на данное видео, пожалуйста, свяжитесь с нами по почте support@, и мы немедленно удалим его. 📃 Оригинальное описание: Chris Midgley, head of global analytics at S&P Global Platts, discusses the issues OPEC and other major producers have to tackle before reached a deal to extend their record output cuts, including convincing countries such as Iraq to come into compliance. Oil prices erased gains on Wednesday, with Brent crude futures falling back below $40 a barrel, on doubts an early meeting of some of the world’s most powerful oil producers will go ahead as planned. OPEC and non-OPEC allies, a group of oil producers sometimes referred to as OPEC , had been expected to hold their next meeting on Thursday. However, while OPEC kingpin Saudi Arabia and non-OPEC leader Russia were thought to have tentatively agreed on a one-month extension to production cuts, S&P Global Platts reported on Wednesday, citing unnamed sources, the date of a meeting to finalize the deal remains uncertain. OPEC member Algeria, which currently holds the rotating presidency of the group, proposed late last month that the meeting should be brought forward from the original date of June 9-10. Brent crude futures traded at $ a barrel during Wednesday afternoon deals, down over 1.5%. Earlier in the session, the international benchmark had climbed above the $40-a-barrel mark for the first time since March 6. Meanwhile, U.S. West Texas Intermediate (WTI) crude futures stood at $, almost 1.6% lower. The contract had also climbed to its highest level since early March earlier in the trading day, but it has since erased those gains. Oil prices have soared in recent weeks, rebounding from the lows of April amid optimism about an economic recovery in China and as other economies seek to gradually relax lockdown measures. In April, OPEC agreed to cut oil production by a record 9.7 million barrels per day (b/d), approximately 10% of global output. The move was designed to prop up prices as the coronavirus pandemic led to an unprecedented collapse in oil demand. The production cuts began on May 1 and are set to run through to the end of June. Under the current deal, the cuts will then be tapered back to 7.7 million b/d from July through to the end of 2020, and 5.8 million b/d from January 2021 through to April 2022. For access to live and exclusive video from CNBC subscribe to CNBC PRO: » Subscribe to CNBC TV: » Subscribe to CNBC: » Subscribe to CNBC Classic: Turn to CNBC TV for the latest stock market news and analysis. From market futures to live price updates CNBC is the leader in business news worldwide. Connect with CNBC News Online Get the latest news: Follow CNBC on LinkedIn: Follow CNBC News on Facebook: Follow CNBC News on Twitter: Follow CNBC News on Instagram: #CNBC #CNBC TV