UAE Announces Further Production Cuts
The UAE will make further oil-production cuts in November.
The UAE will make further oil-production cuts in November.
OPEC crude production has risen in September.
The UAE is fully compliant with its commitments under the production-cut agreement instituted by OPEC and other major, non-OPEC oil producers, according to the UAE Energy Minister
The Iranian Minister of Petroleum, Bigan Zangeneh, singled out Libya and Nigeria in comments to the press yesterday, calling for changes in OPEC policy towards the two countries.
After meeting last Friday in Vienna, ministers from OPEC and major, non-OPEC oil-producing countries, said their production-cut agreement had drawn down global oil stocks.
Iraq favors an additional one-percent cut in oil production by OPEC and its fellow oil producers.
The oil ministers of Saudi Arabia and the UAE indicated that their countries were willing to consider an extension of the production-cut agreement between OPEC and major, non-OPEC oil producers.