65821
OPEC Discussed Deepening Cuts
OPEC Discussed Deepening Cuts

OPEC Discussed Deepening Cuts

OPEC Discussed Deepening Cuts

OPEC discussed cutting its oil output by a further 1-1.5% when it met last month, three sources familiar with the matter said, and could revisit the proposal should inventories remain high and continue to weigh on prices. The Organization of Petroleum Exporting Countries and non-member producers ultimately decided at the May 25 meeting to extend their existing supply-cutting agreement for nine months, although oil ministers including Saudi Arabia's Khalid al-Falih confirmed deeper curbs had been debated, Reuters reported. One of the sources said the idea floated was to widen OPEC's supply cut by about 300,000 barrels per day. That would equate to a further curb of about 1% of April output of nearly 32 million bpd and bring OPEC's total pledged cut to 1.5 million bpd, from 1.2 million bpd. "They wanted to do some scenarios and get around 300,000 bpd of extra cuts to be distributed among everyone," the source, who declined to be identified, said. "But I think they decided to wait and see how the market will react first."

Short URL : https://goo.gl/kXesU0
  1. https://goo.gl/90JVHY
  • https://goo.gl/SIly3L
  • https://goo.gl/s7t6Zo
  • https://goo.gl/GQRqun
  • https://goo.gl/r50yZp

You can also read ...

Iran Turns to Europe to  Shore Up Crude Exports
Iran is banking on customers in Europe to shore up crude oil...
German Firm, RIPI Sign Technology Transfer MoU
Germany’s Raschig GmbH has signed a memorandum of...
European Union Holds Energy Talks in Tehran
Tehran and top energy officials from the European Union...
ADNOC to Venture Into Privatization, Partnerships
Abu Dhabi National Oil Company, or ADNOC, has embarked on a...
Top Gas Exporters Convene in Bolivia
Top officials of major gas producing countries gathering this...
Gasoline Demand at  81 ml/d
Gasoline consumption in the first eight months of the current...
Brent Steady at $62
Oil prices rose on Tuesday as traders looked to a meeting next...

Add new comment

Read our comment policy before posting your viewpoints

Image CAPTCHA
Enter the characters shown in the image.

Trending

Googleplus