OPEC 178th Extraordinary Meeting

Pipeline Oil and Gas reports from Vienna at the end of OPEC's 178th Extraordinary Meeting that saw OPEC and Non-OPEC countries end the week with no new deal. OPEC and OPEC+ countries felt after looking at all the figures that they could not come to a conclusive agreement. The existing OPEC+ cuts of 2.1 million bpd will now expire at the end of March. OPEC Ministers had backed an additional 1.5 million bpd of oil cuts until the end of 2020, in addition to rolling over existing cuts of 2.1 million bpd. But they could not agree a conclusive agreement with Non-OPEC countries so they decided it would be a no deal at this point.