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Russia and Saudi Arabia are considering cutting oil production
27/5/2018 12:00 am [rtl]With the rapid decline of petroleum stocks morning / follow - up agencies , sources said that Saudi Arabia and Russia are discussing an increase in oil production from within the Organization of the Petroleum Exporting Countries (OPEC) and outside by about one million barrels per day, while the Secretary - General of the organization said that the complaint of US President Donald Trump of high prices raised The idea of increasing production. The two countries are ready to ease output cuts to ease consumer fears about supply adequacy, the energy ministers said. Saudi Minister Khalid al-Faleh and his Russian counterpart Alexander Novak said any easing would be gradual. Increased production would ease tight supply restrictions for 17 months amid concerns that price rises have gone too far, with oil climbing to its highest level since late 2014 at $ 80.50 a barrel this month. "OPEC has started talks on easing oil production restrictions after a tug-of-war with US President Donald Trump," Trump said on Twitter last month. "OPEC has artificially raised oil prices," OPEC Secretary General Mohamed Barkindo said. OPEC and its Russian-led allies agreed to cut output by 1.8 million barrels per day (bpd) in 2018 to cut global stocks, but the current stockpile is now close to OPEC's target. In April, participants in the deal cut production by more than 52 percent below the required level as Venezuela's crisis-hit output plummeted, helping OPEC achieve a bigger cut than its target. Well-informed sources said that if production increased by about one million barrels per day, compliance would reach 100 %. "It is no surprise that the United States is pressing OPEC, as some US energy ministers have asked the organization in the past to help cut prices," Barkindo said. Oil prices fell more than 3 percent to $ 76 a barrel on Friday as Saudi Arabia and Russia said they were ready to ease production restrictions. Sources in OPEC and the oil sector have reported that the Organization may decide to increase oil production in June due to concerns about the supply of Iran and Venezuela, and after Washington raised concerns that the rise in crude prices went too far. But the sources said: "It is not yet clear which countries have the capacity to increase production and fill any gap in supplies other than oil producers in the Gulf, led by Saudi Arabia, and Russia." "Only a few members have the capacity to increase production, so implementation will be complicated," an OPEC source said. So far, OPEC says it sees no need to ease production restrictions despite consumer concerns. The change in OPEC's thinking is due to the rapid decline in oil stocks and concern over supplies after the US decision to withdraw from the global nuclear deal with Iran, as well as the collapse of Venezuela's production.[/rtl] [rtl]http://www.alsabaah.iq/ArticleShow.aspx?ID=157723[/rtl] |
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