Oil producers have consensus to extend cuts

ALGIERS, May 12 (AE&B)-- OPEC and other oil producers taking part in output cuts have reached a consensus to extend the limits until the end of the year, oil ministers according to two of the group’s members, Bloomberg reports.

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OPEC daily basket price stood at $47.31Wednesday

ALGERS,May 11 (AE&B)-- The price of OPEC basket of thirteen crudes stood at $47.31 a barrel on Wednesday, compared with $46.83 the previous day, according to OPEC Secretariat calculations.

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Algeria,Iraq favour extending OPEC-led output cut for six months

ALGIERS, May 11 (AE&B) – Algeria and Iraq are in favour of extending OPEC and non-OPEC producers' deal on global oil supply cuts for a further six months, the Algerian energy ministry said on Wednesday.

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