Saudi Arabia Pushes OPEC on New Tack to Curb Oil Supplies

13 Sep 2017   Saudi Arabia

Saudi Arabia’s energy minister, Khalid al-Falih, right, wants OPEC to focus more on exports in a bid to lift oil prices. Above, Mr. Falih with Russian Energy Minister Alexander Novak, left, and OPEC Secretary-General Mohammad Barkindo at the cartel’s May meeting. OPEC has cut nearly one million barrels a day of oil output in the past year. But that isn’t how the global crude market sees it. Oil exports from member countries have also declined, but by a significantly smaller margin than production cutbacks. The unusual discrepancy is muting the impact of a November 2016 deal aimed at curtailing oil supplies in a bid to lift prices, traders and analysts say. It has also galvanized officials from Saudi Arabia, the world’s biggest crude exporter and the main driver behind OPEC policies. They are now pushing for monitoring of exports, rather than just production, at a Sept. 22 meeting of […]

Comments are closed.