OPEC Production Dips as Group Keeps Over-Delivering on Cuts Deal

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by staff ()

OPEC and a group of non-OPEC oil producers led by Russia are well into their second year of an agreement that’s boosted prices to the highest since 2014. While the deal is meant to continue until the end of this year, analysts at Goldman Sachs Group Inc. are among those saying there’s a possibility the cuts could be extended into 2019.

The drop in OPEC production was led by Iran. President Donald Trump may announce on May 12 a U.S. pullout from a 2015 nuclear deal that partially lifted sanctions on Tehran, potentially curbing the nation’s exports again. Some oil traders are already unwilling to sign contracts for Iranian crude and refined products that would be valid after that date, according to recent interviews with six companies that buy and sell oil in the Middle East.