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"OPEC" appeals to US oil producers to curb production
11/10/2017 12:00 am [rtl]New Delhi / follow-up OPEC Secretary-General Mohamed Barkindo on Tuesday called on US oil producers to help reduce global production, warning that exceptional measures may be needed next year to maintain a balanced market in the medium to long term. "We appeal to our friends, in North America's rocky basins, to shoulder this shared responsibility with all the seriousness they deserve, while one of the key lessons has been learned from the current unique cycle led by the supply," Barkindo said. The Secretary-General of the Organization of the Petroleum Exporting Countries (OPEC) made the remarks during a speech at a conference in New Delhi. While OPEC and some other producers, including Russia, are cutting production this year to support prices, US production has risen by nearly 10 percent since the beginning of the year, led by oil shale producers. Barkindo said he hoped the new producers, not just US oil producers, would join production cuts. Saudi Arabia on Monday cut its crude oil reserves for November by 560,000 barrels per day, in line with the kingdom's pledge under the OPEC-led cut. Barkindo said on Sunday that OPEC and other oil producers may need to take "some extraordinary measures" next year to rebalance the oil market. Oil prices rose on Tuesday as OPEC said there were clear signs of That the market is regaining its balance while US production remains affected by the hurricane (Nate). US WTI crude futures were trading at $ 49.65 a barrel, up 7 cents, or 0.1 percent, from the previous close. Brent crude futures were up 12 cents, or 0.2 percent, at $ 55.91 a barrel.[/rtl] [rtl]http://www.alsabaah.iq/ArticleShow.aspx?ID=145754[/rtl] |
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