oil producers extend production cuts
Saturday 22 March 2025
Last Updated : GMT 09:40:38
Themuslimchronicle, themuslimchronicle

To Increase Prices

Oil producers extend production cuts

Themuslimchronicle, themuslimchronicle

Themuslimchronicle, themuslimchronicleOil producers extend production cuts

Abu Dhabi International Petroleum Exhibition and Conference
Dubai - Muslimchronicle

Oil producers are expected to unanimously extend a production cut accord later this month but its duration is still under discussion, the UAE energy minister said on Monday.
“I think this group of committed and responsible producers came together... and I think they will continue to do what it takes to take us to the next level,” United Arab Emirates Energy Minister Suheil Al Mazrouei told the Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC) international oil conference in Abu Dhabi.
He said 158 million barrels of surplus crude oil remain on the market and “we need to reduce that — which means there is a potential for extension”.
Mazrouei said there was near-unanimity among the 24 OPEC and non-OPEC producers which agreed a year ago to cut output by 1.8 million barrels per day.
The minister said that he had “not heard anyone” talks about allowing the cuts deal to expire, although the duration of the new extension would be “subject to discussion”.
“I am hopeful that we will reach an agreement that will lead to more stabilisation in the market and more investments coming to the market,” he said.
Mazrouei said an escalating dispute between regional powers and OPEC members Saudi Arabia and Iran will not prevent a new extension.
As a result of the cuts, oil prices have rebounded to more than $64 a barrel from $40 a year ago, and huge stocks of crude built up over the past three years have reduced.
Mazrouei, whose government is OPEC’s fourth largest oil producer, said he was not happy with the sharp fluctuations in prices, saying they need to be more stable.
OPEC ministers are scheduled to hold a crucial meeting in Vienna at the end of November to discuss extending the cuts deal as well as imposing the quota system on countries that have so far been exempted, namely Libya, Iran and Nigeria.
Cartel kingpin Saudi Arabia and the world’s top producer Russia have voiced support for a rollover to the deal, the duration of which remains up for debate.
OPEC Secretary General Mohammed Barkindo said the producers deal had yielded solid results as a “valid response to the worst oil price down cycle in history”.
“There are clear indications that the market is rebalancing at an accelerating pace,” he said at the conference.
Barkindo said the oil market was on track to stabilise because of a drop in crude stocks and a rise in global demand.
The OPEC chief also called on new oil producers, including US shale crude producers, to join a broader agreement to secure the future of energy.
Barkindo said talks were under way to “institutionalise” the cooperation between OPEC and non-OPEC members to regulate the market.
“Now, we are not talking about OPEC 14 but about the global platform 24,” he said, referring to the number of oil-producing members that signed the production cut accord.

 

themuslimchronicle
themuslimchronicle

GMT 08:03 2018 Monday ,22 January

Saudi Arabia calls for oil producers

GMT 09:16 2017 Wednesday ,20 December

Saudi Arabia to spend big

GMT 07:59 2017 Tuesday ,19 December

Saudi budget deficit narrows

GMT 07:12 2017 Friday ,01 December

Oil producers to maintain squeeze

GMT 08:27 2017 Wednesday ,29 November

Extension of cuts expected
Themuslimchronicle, themuslimchronicle
Themuslimchronicle, themuslimchronicle

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

oil producers extend production cuts oil producers extend production cuts

 



Themuslimchronicle, themuslimchronicle

GMT 08:57 2018 Tuesday ,23 January

To 'eternal style' of late Alaia

GMT 08:24 2017 Sunday ,24 December

Lebanese hold candle-lit vigil

GMT 21:24 2017 Friday ,29 September

ISIS militants killed in Libya by US airstrike

GMT 08:31 2017 Wednesday ,20 December

Iraqi refugee jailed 16 years for Islamic State support

GMT 11:57 2012 Saturday ,14 January

Rare Chinese white dolphin

GMT 08:35 2018 Thursday ,11 January

Defying Israel with the help of Martin Luther King

GMT 04:26 2017 Tuesday ,24 January

Ahlam a force to be reckoned with on social media

GMT 13:10 2017 Tuesday ,10 October

IMF raises Japan growth forecast for 2017 to 1.5 pct

GMT 13:00 2017 Friday ,17 February

UN Supports Political Reconciliation in Iraq

GMT 07:34 2017 Saturday ,26 August

Former VW engineer gets 40 months

GMT 07:23 2017 Sunday ,24 December

Israel dope dealers boost business

GMT 08:47 2017 Friday ,29 September

Signals arm is hidden gem in Siemens-Alstom tie-up

GMT 05:44 2017 Monday ,30 January

A ‘Jazz night’ in Riyadh

GMT 12:10 2017 Monday ,25 September

Uber sorry over London 'mistakes', but still to appeal

GMT 09:41 2017 Friday ,20 October

Danielle Darrieux, who charmed world

GMT 09:51 2015 Thursday ,10 September

Marvel adds Native American, Korean superheroes

GMT 12:18 2017 Wednesday ,20 December

EU court decision on Uber 'a social victory'

GMT 09:22 2017 Wednesday ,20 December

Diddy wants to be first black owner
Themuslimchronicle, themuslimchronicle
Themuslimchronicle, themuslimchronicle
 
 Themuslimchronicle Facebook,themuslimchronicle facebook  Themuslimchronicle Twitter,themuslimchronicle twitter Themuslimchronicle Rss,themuslimchronicle rss  Themuslimchronicle Youtube,themuslimchronicle youtube  Themuslimchronicle Youtube,themuslimchronicle youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2025 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2025 ©

muslimchronicle muslimchronicle muslimchronicle muslimchronicle
themuslimchronicle themuslimchronicle themuslimchronicle
themuslimchronicle
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
themuslimchronicle, themuslimchronicle, themuslimchronicle