“Extraordinary measures” may be necessary to stabilize oil markets, the Secretary –General of OPEC, Mohammad Barkindo, told reporters, according to Reuters.
“There is a growing consensus that … a rebalancing process is under way. We are gradually but steadily achieving our common and noble objectives,” Barkido said, adding that “[t]o sustain this into next year, some extraordinary measures may have to be taken in order to restore this stability on a sustainable basis going forward.”
On Sunday, the UAE Energy Minister, Suhail bin Mohammed El Mazroui, indicated that the UAE hopes that OPEC will reach a consensus decision on the production-cut agreement in November.
“We are hopeful that the meeting in November will be a good meeting, that it will not be so difficult to reach consensus, Mazroui said, according to Reuters.
In January, OPEC and some of the leading, non-OPEC oil-producing countries agreed to cut production by 1.8 million barrels per day (b/d). This agreement was later extended to March 2018.
Several of the signatories to the agreement have expressed willingness to consider and extension or an expansion to the agreement.