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Saudi Arabia moves to ease oil production restrictions by 2019
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 Arab and international |
Economy News _ Baghdad Saudi Arabia hopes that the Organization of Petroleum Exporting Countries (OPEC) and its allies will be able to ease restrictions on oil production next year and set a permanent framework for maintaining the stability of crude markets after the end of the agreement, Saudi Energy, Industry and Mineral Resources Minister Khaled Al-Falih said. Cut production this year ». OPEC countries cut output by 1.2 million bpd, as part of an agreement with Russia and other non-OPEC producers. The deal, which was set to support oil prices in January 2017, is in force and will continue until the end of this year. Al-Faleh said that the producer countries inside and outside OPEC "are committed to the stability of the market and balance", hoping that "the easing of production restrictions will be possible next year." "There is a study underway, and once we know what it takes to achieve a balance in the market, we will announce the next step, and it may be to ease production constraints," he told reporters in New Delhi. He did not rule out that "this happens sometime in 2019, but we do not know when and do not know how." Al-Falih said that OPEC intends to translate the success of the production reduction agreement into a permanent framework with the big producers from outside. He said, "What we want is an ongoing framework that brings together the oil producing countries from OPEC and abroad, To make quick decisions. " "Everyone knows that a market without leadership is destructive and very detrimental to the interests of all," he said, describing the commitment to cut production in January as "exceptional." He noted that the market "absorbed the increase in the production of the United States of oil shale, with the decline in the production of countries such as Venezuela and Mexico, and decreased US oil stocks last week." He pointed out that the production of the Kingdom of oil between January and March, far below the production limit, and the average volume of exports less than seven million barrels per day ». On the Indian side, Al-Falih said that Saudi Aramco is considering buying stakes in large refineries in India and expanding other projects in India. Saudi Arabia has signed an initial agreement to invest in India's West Coast refineries, which are planned to have a capacity of 1.2 million bpd. Al-Falih did not specify the size of Aramco's stake in West Coast refineries, but said "the bigger the better." India is seeking to increase its refinery capacity by 77 percent to reach 8.8 million bpd by 2030. "Saudi Arabia will also sign oil supply agreements in the framework of an agreement to buy shares in Indian refineries, a strategy that the Kingdom is pursuing to increase its market share in Asia and outperform competitors," Faleh said. Saudi Arabia last year pledged billions of dollars in projects in Indonesia and Malaysia to secure long-term oil supply agreements. |
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