OPEC will Reconsider Production Cuts in November

OPEC will Reconsider Production Cuts in November

OPEC members will discuss OPEC’s production-cut strategy when they meet in November, the Kuwaiti oil minister, Essam El Marzouq, told Kuwaiti media, Reuters reports.

“At our next meeting at the end of November…the most important items will concern the fate of the agreement to extend or terminate the production cut,” Marzouq said during an interview with Kuwaiti TV, according to Reuters.

The Kuwaiti oil minister recently expressed optimism about the utility of the production cuts. In an interview with CNBC Arabia on Monday, he said: “We are now seeing the impact of those cuts (in the first half of the year) as US oil inventories fall by more than expected,” Reuters reports.

“Week after week we are seeing a much bigger-than-expected fall in inventories,” he further noted.

US stocks of crude oil fell below nine million barrels earlier this month after seven consecutive weeks of decline, Reuters reports.

In January, OPEC and some non-OPEC oil-producing nations, such as Russia, agreed to cut production to reduce the supply of oil on the global market and bolster prices. In May, the agreement was extended to March 2018.

Login

Welcome! Login in to your account

Remember me Lost your password?

Lost Password