OPEC to resume talks on output cut deal with US

The Organization of the Petroleum Exporting Countries (OPEC) will resume discussions with the United States on a deal to cut oil output, Reuters reported on Tuesday, citing Secretary General Mohammad Barkindo.

OPEC and the US agree they need to work together to ensure stability in oil markets, Barkindo was quoted as saying on the sidelines of an energy event in New Delhi, India.

Earlier today, Barkindo also called on US shale oil producers to help cap global oil supply, cautioning that extraordinary measures might be needed in 2018 to sustain the rebalanced market in the medium to long term.

“We urge our friends, in the shale basins of North America to take this shared responsibility with all seriousness it deserves, as one of the key lessons learnt from the current unique supply-driven cycle,” said Barkindo.