Saudi Arabia's Minister of Energy, Prince Abdulaziz bin Salman, arrives Thursday at the Vienna headquarters of OPEC, which is scheduled to meet on Friday with Russia and other producers - a grouping known as OPEC+ (Leonhard Foeger/Reuters)
Al Jazeera: OPEC and its allies agree to deepen oil output cuts
OPEC+ panel recommends additional output cuts of 500,000 bpd, but there's no clarity yet on how long they could last.
The Organization of the Petroleum Exporting Countries (OPEC) and its allies led by Russia on Thursday agreed to one of the deepest output cuts this decade to support crude prices and prevent a glut, though they are still debating how long the curbs will last into next year.
OPEC is meeting to discuss supply policy in Vienna and is scheduled to meet on Friday with Russia and other producers - a grouping known as OPEC+.
Russian Energy Minister Alexander Novak said a panel of key energy ministers - including those from Saudi Arabia and Russia- had recommended that the OPEC+ group deepen existing supply curbs of 1.2 million barrels per day (bpd) by another 500,000 bpd. The cut of 1.7 million bpd would amount to 1.7 percent of global supply.
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WNU Editor: They are nowhere near agreement on how these cuts will be distributed.
More News On OPEC's Panel Agreeing To Deepen Oil Output Cuts
OPEC talks end without announcement of expected cuts -- AP
OPEC+ Committee Recommends Further 500,000 Bpd Cut -- OilPrice.com
OPEC, allies agree to deepen oil output cuts -- Reuters
Oil Unimpressed As OPEC+ Committee Recommends Further 500,000 Bpd Cut -- Zero Hedge
1 comment:
Even if they did agree on cuts and how to distribute them I wouldn't really expect any of them to actually honor their agreements. Actually I hope they reach an agreement on cuts and they all honor it.
American producers would move in to fill the supply shortfall all while taking market share from OPEC and Russia. Once market share is lost it is very difficult if not impossible to get it back!! As has been said, "make my day." By all means cut production!! Help out Americans and American energy producers!! For them to cut production would be an example of an unforced error. As such, by all means do it!!
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