Egypt was invited to attend the meeting of the Organization of the Petroleum Exporting Countries (OPEC) for oil production cuts on the 25th of May, reported Reuters.
OPEC, Russia and other producers agreed in 2016 to curb production by 1.8mb/d for six months starting on the 1st of January. Oil prices have since gained support, but global inventories remain high, pulling crude back towards $50 a barrel and putting pressure on OPEC to extend or possibly add to the cuts at least until the end of 2017.
Therefore, OPEC has been urging other producers to join the supply pact and, together with participating non-member countries, meets to set policy on May 25 in Vienna. Egypt, along with Turkmenistan, are also due to attend.
An OPEC source told Reuters, “Egypt and Turkmenistan are expected to attend the conference for the first time,” while another OPEC source pointed out that “there could be more cuts if there are other non-OPEC countries that will join the agreement,” adding that Turkmenistan was expected to do so.
Meanwhile, Egyptian Minister of Petroleum and Mineral Resources, Tarek El Molla, stated that Egypt will be attending the meeting as an observer, but will not decrease production as Egypt’s consumption exceeds the country’s production.