economy Since 2017-08-08 at 19:45 (Baghdad time)
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A statement by the Organization of Petroleum Exporting Countries (OPEC) that Abu Dhabi talks on commitment to the agreement to reduce production, will contribute to facilitate full compliance, according to Reuters.
OPEC, in its statement, said the UAE, Iraq, Kazakhstan and Malaysia had expressed their full support for the current monitoring mechanism, adding that the talks were constructive and fruitful and aimed at achieving full compliance with the agreement in the coming months.
Informed sources have said that officials from OPEC and outside are holding meetings for the second day in Abu Dhabi, to discuss ways to enhance compliance with the agreement to reduce oil production.
OPEC, Russia and other producers cut production by 1.8 million barrels per day (bpd) until March 2018, to get rid of supplies and price subsidies.
Oil prices fell on Tuesday, driven by increased exports of OPEC producers, despite reports of a drop in Saudi crude shipments. Libya's National Oil Corporation (NOC) said production at the Sharara field, which produces 270,000 bpd, has returned to normal after being disrupted by protesters storming a control room. Libya is exempt from cutting production agreed by most Opec members to support oil prices, which have been falling for more than three years due to oversupply. By 1330 GMT, global benchmark crude <LCOc1> fell 40 cents to $ 51.97 a barrel. US light crude was down 40 cents at $ 48.99 a barrel.
Saudi oil company Aramco will cut its allocations to its customers around the world in September by at least 520,000 barrels per day (bpd), informed sources told Reuters today.
The recovery of Libyan oil production and the recent increase in Nigeria's production have hampered OPEC's efforts to cut oil supplies, fueling doubts about the effectiveness of agreed production cuts. Ending 29 / Mn