64767
OPEC Panel Looking at Deepening, Extending Cuts
OPEC Panel Looking at Deepening, Extending Cuts

OPEC Panel Looking at Deepening, Extending Cuts

OPEC Panel Looking at Deepening, Extending Cuts

An OPEC panel reviewing scenarios for next week's policy-setting meeting is looking at the option of deepening and extending an OPEC-led deal to reduce oil output, OPEC sources said on Friday.
OPEC's national representatives - officials representing the 13 member countries —plus officials from OPEC's Vienna secretariat met on Wednesday and Thursday to discuss the market, Reuters reported.
The meeting of the Economic Commission Board had been scheduled to finish on Thursday but was extended to Friday, two OPEC sources said. "We have not agreed on final scenarios," said one of the sources.  A second source said a deeper cut in output was an option depending on estimated growth in supply from non-OPEC producers and US shale oil.
OPEC kingpin Saudi Arabia and non-member Russia, world's top two oil producers, have agreed on the need to keep the current cut in place until March 2018.
The meeting precedes a policy-setting gathering of OPEC and non-OPEC oil ministers on May 25 to decide whether to extend beyond June 30 their deal to reduce output.
The Organization of the 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. Oil prices, trading at around $53 a barrel, have gained support from reduced output but high inventories and rising supply from producers not participating in the accord have limited the rally, pressing the case for extending the curbs.
A technical meeting on Friday of OPEC and non-OPEC countries participating in the supply cut was not expected to result in any decision.
"Friday's meeting is just informative, nothing major," an OPEC source said.

Short URL : https://goo.gl/qJ40tN
  1. https://goo.gl/2hSmUh
  • https://goo.gl/rzXEbT
  • https://goo.gl/tCKIV1
  • https://goo.gl/QAbfTI
  • https://goo.gl/Q2SIZN

You can also read ...

All renewable sources, including solar and wind, make up only a fraction of Iran's installed power generating capacity.
With a national energy system that chiefly runs on fossil...
NIOPDC Details Diesel Export to Iraqi Kurdistan
The National Iranian Oil Products Distribution Company in...
Oil Rises Nearly 1%
Oil prices ended nearly 1% higher on Friday, close to their...
Iran's Light Crude Hits $54
Iran's light crude extended its rally to $54 per barrel in the...
Total won six offshore exploration licenses for the Gulf of Mexico in August.
French Total has expanded its presence in the Gulf of Mexico...
Russia Open to OPEC Cuts While Mulling Exit Plan
Russia signaled that it would be willing to prolong the...
Merkel’s Green Energy Policy Has Fueled Demand for Coal
By 2030, the eastern German town of Poedelwitz will likely be...
Sri Lanka, China Discuss $3b Refinery
Sri Lanka is in talks with two Chinese companies about...

Add new comment

Read our comment policy before posting your viewpoints

Image CAPTCHA
Enter the characters shown in the image.

Trending

Googleplus