production freeze | Egypt Oil & Gas - Part 2
OPEC Agreed on Output Cuts
Crude oil prices steadied around $50 a barrel, holding onto big gains made after the Organization of Petroleum Exporting Countries (OPEC) and Russia agreed to restrict production. OPEC Agreed on a Production Freeze
OPEC agreed to reduce its oil output to 32.5mb/d from the current production levels of around 33.24mb/d, with global prices of oil jumping by more than 5% in response to the agreement.
Russia,Saudi Arabia Talk Oil Market Stability
Russia is consulting with Saudi Arabia and other producers to achieve oil market stability, opening the door to further discussions on output freeze.
Algeria Expected to Push for Production Freeze
Algeria and other OPEC members are expected to push for a production freeze during an OPEC informal meeting scheduled for late September in Algiers.
Russia Relunctant to Renew Output Freeze Talks
Russia sees no need for renewing discussion of an oil-output freeze at current crude prices, while leaving open the possibility for future talks with the Saudi counterparts.
Venezuela Seeks to Revive OPEC Freeze Talks
Oil Minister for Venezuela, Eulogio del Pino, is once again hoping to persuade the Organization of the Petroleum Exporting Countries (OPEC) to reach a freeze deal that would help boost global oil prices.
