OPEC Head Says Oil Cuts ‘Only Viable Option’ to Stabilize Market

14 Nov 2017   OPEC

Crude market re-balancing at a ‘quickening pace’: Barkindo U.A.E.’s Mazrouei sees 2018 as ‘recovery year’ for oil price The oil market is re-balancing at a quickening pace and production cuts are the “only viable option” to restore stability, OPEC Secretary-General Mohammad Barkindo said. The Organization of Petroleum Exporting Countries should decide at its meeting later this month whether or not to extend the cuts, United Arab Emirates Energy Minister Suhail Al Mazrouei said in a speech at a conference in Abu Dhabi. Neighboring Oman backs prolonging the output limits beyond March and sees producers extending them until the end of 2018, Oil Minister Mohammed Hamad Al Rumhy told reporters. OPEC raised estimates for the amount of crude it will need to pump to meet demand next year by 400,000 barrels a day to 33.4 million a day, according to a monthly report Monday from the group. As that’s about […]

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