UAE: OPEC Is Not Discussing Deeper Cuts

30 Jun 2017   OPEC

Just a month has passed since OPEC rolled over the production cuts, but the still high inventories and the latest drop in oil prices have renewed comments, rumors, and possibly hope, that the cartel may cut deeper to speed up the drawdown of the glut. OPEC now says, Hope no more. In the latest such comment, the UAE’s Energy Minister Suhail bin Mohammed al-Mazroui said on Thursday that OPEC was not talking about making steeper cuts. “ I think OPEC countries and non-OPEC countries who joined us have done their part. We are looking at the others to do their part as well. We are not worried about the market recovery, ” al-Mazroui said on the sidelines of an International Energy Agency conference in Paris, as quoted by Reuters. Two weeks after the cartel decided to extend the production cut into March 2018, Saudi Energy Minister Khalid al-Falih said […]

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