OPEC oil ministers poised to extend production cuts

A worker attaches a poster of the Organization of the Petroleum Exporting Countries, OPEC, at their headquarters in Vienna, Austria, Wednesday, Nov. 29, 2017. With bills rising for gasoline or heating oil, consumers around the world are paying the price for a decision by OPEC and Russia last year to cut production. The strategy is working for those oil-producing nations and will likely be extended at a meeting Thursday. (AP Photo/Ronald Zak)

Minister of Energy, Industry and Mineral Resources of Saudi Arabia Khalid Al-Falih arrives for a meeting of the Organization of the Petroleum Exporting Countries, OPEC, at their headquarters in Vienna, Austria, Wednesday, Nov. 29, 2017. (AP Photo/Ronald Zak)

Russian Minister of Energy Alexander Novak arrives for a meeting of the Organization of the Petroleum Exporting Countries, OPEC, at their headquarters in Vienna, Austria, Wednesday, Nov. 29, 2017. (AP Photo/Ronald Zak)

Minister of Energy of the United Arab Emirates, UAE, Suhail Mohamed Al Mazrouei arrives for a meeting of the Organization of the Petroleum Exporting Countries, OPEC, at their headquarters in Vienna, Austria, Wednesday, Nov. 29, 2017. (AP Photo/Ronald Zak)

Algeria's Energy Minister Mustapha Guitouni arrives for a meeting of the Organization of the Petroleum Exporting Countries, OPEC, at their headquarters in Vienna, Austria, Wednesday, Nov. 29, 2017. (AP Photo/Ronald Zak)

Kuwait's Oil Minister Issam Almarzooq arrives for a meeting of the Organization of the Petroleum Exporting Countries, OPEC, at their headquarters in Vienna, Austria, Wednesday, Nov. 29, 2017. (AP Photo/Ronald Zak)

VIENNA (AP) — OPEC and allied oil producing-nations are going into meetings amid apparent consensus on extending their output cuts.

Benchmark crude prices are now close to $60 a barrel, depending on the grades, up almost 20 percent since a year ago, and OPEC officials attribute the recovery to last November’s decision to reduce market supply.

With prices at two year highs, signs point to the Organization of the Petroleum Exporting Countries and their non-OPEC partners agreeing Thursday to keep limiting the availability of crude by prolonging the daily 1.8 million barrel output reductions.

Comments by Iraqi oil minister Jabbar Ali Hussein Al-Luiebi have strengthened such expectations. Ahead of the meeting he said there was broad agreement among all OPEC ministers on “extending the oil production cut” until the end of next year.

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