Plans for Exiting Production-Cut Agreement to be Announced in June

Plans for Exiting Production-Cut Agreement to be Announced in June
Shoot for Gulf Intelligence UAE Energy Forum Energy Industry Outlook for 2015 held at Rosewood Hotel on January 13, 2014 Abu Dhabi UAE Photo by Lester Apuntar/ITP Images;13-01-15 Gulf Intelligence UAE Energy OG

OPEC and its oil-producing allies will announce in June their plans for exiting the production-cut agreement, the UAE Energy Minister, Suhail bin Mohammed El Mazroui, indicated, Reuters reports.

“We will announce … a strategy in the June meeting. That does not mean we will exit in June. That means we will come up with a strategy,” he said, according to Reuters.

He refused, however, to speculate on the nature of the plans.

“What is that strategy? No one can tell you the shape, the form, how is it going to be done, prior to everyone’s meeting. Every voice counts in this group. It is unfair for anyone to come and predict,” he stated, Reuters reports.

The Iraqi Oil Minister, Jabber El Luaibi, agreed that it was too early to discuss exiting the agreement, Bloomberg reports.

The then-Oil Minister of Kuwait, Issam Almarzooq, said on Monday that the group could end its production cuts before the end of 2019 if market conditions continue to improve, Bloomberg reports. He also noted that Russia is eager “to exit the deal as soon as possible.”

Almarzooq has since then been replaced during a cabinet shake-up in Kuwait.


Welcome! Login in to your account

Remember me Lost your password?

Don't have account. Register

Lost Password