UAE to Continue Cuts into December
The UAE announced it would continue its production cuts in December.
The UAE announced it would continue its production cuts in December.
Saudi Arabia is prepared to extend the production-cut arrangement.
The Russian Energy Minister, Alexander Novak, said it was too early to make a decision on extending production cuts past next March.
Oil investments are rising again due to the reduction in global oil stocks and an improving global economy
Despite positive signs in the oil market, Saudi Arabia remains committed to further drawing down global oil stocks.
Russian and Saudi ministers will meet early next month to discuss global oil markets and the future of the production-cut agreement.
Compliance with the production-cut agreement reached 120% in September.
OPEC’s agreement with Russia and other non-OPEC producers to cut oil production will probably be extended a further nine months to the end of 2018.
Iran favors an extension to the production-cut agreement between OPEC and some non-OPEC oil producers until the end of 2018.
OPEC compliance with the oil-production agreement implemented in January between OPEC and major, non-OPEC oil producers is at 86%.