62951
Overall compliance with cutbacks stood at 98% in March.
Overall compliance with cutbacks stood at 98% in March.

OPEC Panel Supports Oil Output Cut Extension

OPEC Panel Supports Oil Output Cut Extension

An OPEC and non-OPEC technical committee recommended that producers extend a global deal to cut oil supplies for another six months from June, a source familiar with the matter said, in an effort to clear a glut of crude that has weighed on prices.
The Organization of Petroleum Exporting Countries, Russia and other producers originally agreed to cut production by 1.8 million barrels per day for six months from Jan. 1 to support the market, Reuters reported.
Compliance numbers were also reviewed at the meeting in Vienna on Friday that comprised of officials from countries monitoring adherence to agreed output levels, namely OPEC members Kuwait, Venezuela, Algeria and non-OPEC Russia and Oman.
Overall compliance with pledged cutbacks stood at 98% in March, a source said. Two sources said the rate in March represented an increase from February's level.
Oil prices still declined on Friday, with Brent crude trading below $52 a barrel on concerns that increasing US production and high inventories would thwart the efforts by OPEC and its allies to curb supplies.
The committee's recommendation that the supply cut deal be extended was not a surprise, after oil ministers from top exporter Saudi Arabia and Kuwait gave a clear signal on Thursday that producers planned to prolong the accord.
Russian Energy Minister Alexander Novak said on Friday a decision on extending the pact had not yet been taken, but would be discussed with OPEC on May 24. OPEC ministers plus their non-OPEC counterparts are scheduled to meet on May 25.
The meeting also discussed OPEC's own compliance, which it put at 103%, in line with figures published in OPEC's most recent monthly report. The panel, which met at OPEC's Vienna headquarters, is the Joint Technical Committee established in January to monitor adherence to supply cuts.

Short URL : https://goo.gl/f6WNlq
  1. https://goo.gl/TsDZmO
  • https://goo.gl/p2FNkg
  • https://goo.gl/bJqiDT
  • https://goo.gl/OYitrt
  • https://goo.gl/lsWOF5

You can also read ...

Renewable Energy Could Become Cost-Free by 2030
A research report by Swiss investment bank UBS believes the...
India Announces 2nd Round of $14b Oil, Gas Bidding
India has launched the second round of bidding for small...
Total Awaits CNPC Decision on South Pars Stake
Total is awaiting a decision by China National Petroleum Corp...
Oil Price Edges Up
Oil prices rose on Tuesday after Saudi Arabia said it had cut...
Focus on Eying Sustainable Water, Energy Consumption Patterns
Identifying sustainable water and energy consumption patterns...
Domestic Refineries Building Diesel Hydrotreating Units
A diesel hydrotreating unit, which is a part of the plan to...
Portable Gas Stations  for Northern Routes
The National Iranian Oil Products Distribution Company has...

Add new comment

Read our comment policy before posting your viewpoints

Trending

Googleplus