Lassoed

19 May 2017 By Lauren Silva Laughlin

As President Trump heads to Saudi Arabia, the oil cartel looks set to extend production cuts. It may buoy prices and keep drills running. But efficient U.S. wells in the Permian and elsewhere will benefit most, limiting increases. It’ll be hard for OPEC to regain the upper hand.

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Saudi Aramco, the world’s biggest crude oil exporter, plans to sign agreements with 12 U.S. companies on May 20 including Schlumberger and Halliburton when President Donald Trump visits Saudi Arabia, according to a Reuters report.

An OPEC panel reviewing scenarios for the oil-producer group's meeting next week is looking at the option of deepening and extending a deal to reduce crude output, OPEC sources told Reuters on May 19, in an attempt to drain inventories and support prices. Saudi Arabia and non-OPEC Russia have agreed on the need to prolong current cuts until March 2018, the story said.

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