Top OPEC producer, Saudi Arabia has urged the group to trim output and said that a cut of 1 million barrels would be sufficient. That level is less than what many analysts anticipated
Oil producers are merging a plan to remove 1.3 million barrels per day from the market. However, Saudi Energy Minister Khalid al-Falih insisted that a cut of 1 million barrels would be adequate.
Some energy analysts questioned the fact that a reduction of 1million barrels per day may not be enough to balance supply and demand in 2019, especially considering that key producers including Saudi Arabia, Russia and Iraq have been increasing output.
OPEC hesitatingly agreed on oil output cut while waiting on Russia before deciding the exact volumes for a production cut. It was said that a group’s preferred level of supply cuts would effectively be on Moscow’s contribution and to will be much difficult for Moscow to cut
oil output over the winter because of the cold conditions at Russian oil fields.
All eyes on Vienna as oil drops; growth hits pound
Falling oil price pushes Tullow Oil to £400m loss
Oil prices up $56 on rising refinery demand, falling U.S. rig count
Oil holds gains above $50 as OPEC, Russia signal cuts working
OPEC’s newest member sets to stem oil-output slide after Hess Corp. deal
Nigeria’s state oil company to increase oil production to 500,000 bpd before 2022
NNPC leans over JVs to contracting financing
Electric vehicle battery growth supports cobalt, lithium demand
Gas flaring up slightly in Nigeria but slows down worldwide, says World Bank
‘Ultimatum’ as state policy to stop a menace
Frontpage September 14, 2018
Frontpage February 9, 2018