Report: OPEC not to cut oil production further – sources

MOSCOW, Mar 10 (PRIME) -- OPEC members do not plan to further cut oil production due to growth of shale oil output in the U.S., Reuters reported late Thursday citing sources familiar with the situation.

Saudi Arabian energy officials said at a closed meeting with main U.S. independent oil companies that OPEC will not further limit oil production to offset rising output at the U.S. shale oil deposits.

OPEC states agreed to reduce their oil production by 1.2 million barrels daily to 32.5 million barrels in November 2016. Russia joined the agreement in December with a promise to cut output by 300,000 barrels daily compared with the level of October 2016. The agreement was concluded for January–June 2017 with potential prolongation.

The U.S. Energy Ministry said on Wednesday that the country’s oil reserves grew by 8.2 million barrels, or by 1.6%, to 528.4 million barrels in a week that ended on March 3.

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