OPEC and other major oil exporters which are currently taking part in output reduction have reached consensus to extend the limits of cuts until the end of the year, according to the Iraqi and Algerian oil minsters.
"All members of the Organisation of Petroleum Exporting Countries support an extension of the output cuts for a second six-month period," Iraq’s Oil Minister, Jabbar Al-Luaibi, and Algeria’s Energy Minister, Noureddine Boutarfa, said today in a joint news conference in Baghdad, confirming that non-OPEC members who joined last year’s accord to curtail a global oversupply of crude, will follow suit.
"The decision is to decrease output for six months," Boutarfa added in the news conference saying that Algeria and Iraq maintain a united stand for the next cuts.
According to a deal concluded in Vienna in December 2016, OPEC members are committed to cutting production by around 1.2 million b.p.d. while non-OPEC producers voluntarily decided to reduce output by 600,000 b.p.d., which took effect at the beginning of the year.
The Kuwaiti Minister of Oil, Electricity, and Water, Essam Al Marzouq, earlier this week referred to a "semi-consensus" on the extension of the production cut deal for a new six-month period during the coming OPEC and non-OPEC producers' meeting, to be held in Vienna on 25th May.
GMT 13:35 2018 Sunday ,09 December
OPEC+ deal to ensure stability of oil price, that is positive for RussiaGMT 17:32 2018 Friday ,16 November
OPEC Basket Price Stood, at over $65.2, on ThursdayGMT 14:10 2018 Monday ,22 October
Saudi energy minister speaks to TASS on OPEC+, oil pricesGMT 22:44 2018 Friday ,14 September
OPEC daily basket price stood at $76.46 a barrel Thursday, 13 Sep 2018GMT 10:29 2018 Friday ,19 January
Oil market heads towards 'smooth rebalancing': OPECMaintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©
Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©
Send your comments
Your comment as a visitor