OPEC: Further Cuts Off The Table

11 Jul 2017   OPEC

No further oil output cuts are on the agenda for the July meeting of the ministerial committee set up to monitor compliance with the OPEC-non-OPEC deal, the cartel’s secretary general Mohammed Barkindo told media at a news conference in Istanbul ahead of the World Petroleum Forum. According to Barkindo, any discussion of further cuts would be premature. The comments follow an exciting week in terms of OPEC news. First, Russia said it sees no need for deeper cuts. Then, on Friday, Alexander Novak said Moscow is ready to take part in a revision of the deal if necessary, sparking hopes that deeper cuts may indeed be an option to consider. The monitoring committee will meet on July 24 in Russia to discuss the progress of the deal. Last Friday, Novak noted that the committee can make any recommendation it wishes to the participants in the agreement. A recommendation, however, […]

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