Saudi Arabia Likely to Back Extending Oil Output Cuts
Saudi Arabia Likely to Back Extending Oil Output Cuts

Saudi Arabia Likely to Back Extending Oil Output Cuts

Saudi Arabia Likely to Back Extending Oil Output Cuts

Saudi Arabia is likely to support extending OPEC output cuts into the second half of 2017 in an effort to boost oil prices, according to a person familiar with the kingdom’s internal discussions.
The Organization of Petroleum Exporting Countries is scheduled to gather in Vienna on May 25 to discuss whether to roll over for another six months the 1.2 million barrels a day in production cuts it implemented in January. Several OPEC countries, including Kuwait, have expressed public support for an extension, Bloomberg reported.
While Riyadh is likely to support extending the curbs to end a three-year oil glut, the kingdom has not taken a final decision yet, the person said, asking not to be identified because the conversations are not public. Saudi Arabia, the world’s largest oil exporter, will decide on an extension depending on the stance of other OPEC nations such as Iraq and Iran, as well as Russia, which is not a member of the group but joined the output cuts, the person said.
Brent crude, the global benchmark, has traded within the $50-to-$60 price range since OPEC agreed with Russia and other non-OPEC countries to cut production late last year. OPEC pledged to reduce output by 1.2 million barrels a day, with Saudi Arabia taking the bulk of the cuts -- and so far reducing production deeper that it agreed.
Russia, Mexico, Kazakhstan and several other non-OPEC countries agreed to cut output by nearly 600,000 barrels a day. The non-OPEC group has so far delivered less than what it promised.


Short URL : https://goo.gl/KorFoz
  1. https://goo.gl/t7YGc7
  • https://goo.gl/k48z3c
  • https://goo.gl/IPWIIV
  • https://goo.gl/rItwGV
  • https://goo.gl/ONL5wj

You can also read ...

Russia Says US Sanctions on Iran "Unproductive"
United States' sanctions on Iran's oil industry are...
Oil Coalition Seeks Consensus Ahead of Algiers Summit
With a critical meeting in Algiers fast approaching, a...
China to Cut Solar, Wind Subsidies
China will speed up efforts to ensure its wind and solar power...
Abu Dhabi Planning Biggest Oil  IPO in Decade
Abu Dhabi is pushing ahead with an initial public offering for...
Crude Prises Higher as Supply Concerns Rise
Oil prices rose on Monday as investors worried about the...
Abadan  Refinery  Second Phase  on Track
The second development phase of Abadan Oil Refinery in...
New Power Capacity for Sistan-Baluchestan
Operations to build new combined-cycle power plants in...
ICOFC to Develop  Eight Gas Fields
Iranian Central Oil Fields Company plans to develop eight gas...

Add new comment

Read our comment policy before posting your viewpoints