opec set to prolong oil cuts as delegates predict smooth meeting
Last Updated : GMT 06:49:16
Arab Today, arab today
Arab Today, arab today
Last Updated : GMT 06:49:16
Arab Today, arab today

OPEC set to prolong oil cuts as delegates predict smooth meeting

Arab Today, arab today

Arab Today, arab today OPEC set to prolong oil cuts as delegates predict smooth meeting

Vienna - Arab Today

The Organization of the Petroleum Exporting Countries (OPEC) will likely agree to extend production cuts for another nine months, delegates said on Tuesday as the oil producer group meets this week to debate how to tackle a global glut of crude.
Saudi Arabia favors extending the output curbs by nine months rather than the initially planned six months, as it seeks to speed up market rebalancing and prevent oil prices from sliding back below $50 per barrel.
On Monday, Saudi Energy Minister Khalid Al-Falih won support from OPEC’s second-biggest and fastest-growing producer, Iraq, for a nine-month extension and said he expected no objections from anyone else.
Kuwait said on Tuesday not every OPEC member was on board for an extension to March 2018, from the initial cut-off of June this year, but most delegates in Vienna said they expected a fairly painless meeting on Thursday.
“The Saudi oil minister’s view seems accurate and no serious objection is expected if at all,” said one delegate, who asked not to be identified as he is not allowed to speak to the media.
“No surprises,” said a second delegate.
A third source added: “I think it will be a smooth meeting to extend through until March 2018 and see what happens with US shale. It will grow but there are limits.”
OPEC meets in Vienna on Thursday to consider whether to prolong the deal reached in December in which OPEC and 11 non-members, including Russia, agreed to cut output by about 1.8 million barrels per day (bpd) in the first half of 2017.
The decision pushed prices back above $50 per barrel, giving a fiscal boost to major oil producers. But it also spurred growth in the US shale industry, which is not participating in the output deal, thus slowing the market’s rebalancing.
The first OPEC delegate said he did not believe OPEC would deepen existing cuts unless Saudi Arabia and its Gulf allies offered to take the bulk of the hit: “I still believe it is unlikely at this point.”
Al-Falih said on Monday he expected the new deal to be similar to the old one, “with minor changes.”
“He (Al-Falih) has talked to several countries including Norway, Turkmenistan and Egypt, and they have made signs of their willingness to join the collaboration,” Kuwait’s Oil Minister Essam Al-Marzouq said on Tuesday.
Norway’s oil ministry said later on Tuesday it had no plan to join cuts but had a good dialogue with OPEC.
Deutsche Bank said the market had priced in a nine-month extension.
“The inclusion of smaller producing non-OPEC countries such as Turkmenistan, Egypt and the Ivory Coast would be a negligible boost, in our view,” Deutsche said. “A deepening of cuts, though, has more potential to provide an upside surprise.”

Source: Arab News

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

opec set to prolong oil cuts as delegates predict smooth meeting opec set to prolong oil cuts as delegates predict smooth meeting

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

opec set to prolong oil cuts as delegates predict smooth meeting opec set to prolong oil cuts as delegates predict smooth meeting

 



GMT 12:29 2018 Friday ,12 October

On the curious case of Khashoggi’s disappearance

GMT 07:55 2013 Friday ,05 July

Nancy Ajram\'s gorgeous Grecian look

GMT 21:31 2017 Wednesday ,05 April

At Least 7 Killed by Car Bomb Attack in Mogadishu

GMT 06:10 2018 Tuesday ,02 January

Stoch claims another Four Hills ski jumping victory

GMT 02:18 2017 Saturday ,23 September

September24th-October23rd

GMT 11:45 2017 Saturday ,11 March

Facebook search traps Italian mobster in Mexico

GMT 04:55 2017 Thursday ,05 October

Judge rules as Yankees down Twins

GMT 06:55 2017 Saturday ,25 November

Saudi CP reveals details of reconciliation with princes

GMT 19:15 2017 Wednesday ,08 November

ICCI to continue playing role in trade promotion

GMT 05:32 2017 Thursday ,06 April

Oil hits 1-month high near $55 on tighter supplies

GMT 23:01 2015 Sunday ,29 November

Wahib Meniyawi named ECFA head

GMT 06:00 2017 Monday ,27 February

Egypt puts off raising entry visa fee for visitors

GMT 13:26 2017 Wednesday ,15 March

UNESCO Director-General Hails Qatar's Efforts
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2025 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2025 ©

arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday