It is too early for the Organization of Petroleum Exporting Countries (OPEC) to discuss deeper oil output cuts despite the decline in oil prices, OPEC Secretary-General Mohammed Barkindo was quoted as saying by Russian news agency TASS on Monday.
Sanction-hit Iran’s fear of losing market share to other members of the Organization of Petroleum Exporting Countries (OPEC) seems to be coming true with one of its biggest buyers – India – gradually turning towards Iraq, Saudi Arabia and Nigeria to meet oil requirements.
Opec oil output has fallen to an eight-year low in September after attacks on Saudi oil plants cut production, deepening the impact of a supply pact and U.S. sanctions on Iran and Venezuela, a Reuters survey found.
OPEC and its non-cartel allies on Thursday discussed further cuts to oil production and the possibility of Iran re-entering the global market but said that any decision would have to wait for a meeting in December
Every country should comply with oil output cuts, Saudi Arabia’s energy minister said on Thursday. OPEC and its allies want to achieve oil market stability and cohesiveness among producers, and Saudi Arabia’s oil policy remains unchanged
Opec on Wednesday cut its forecast for growth in world oil demand in 2020 due to an economic slowdown, an outlook the producer group said highlighted the need for ongoing efforts to prevent a new glut of crude.
Oil futures rose on Tuesday, potentially heading for a fifth day of gains, amid optimism that OPEC and other countries may agree to extend production cuts in a bid to support prices. Brent was up 42 cents, or 0.7%, at $63.01 a barrel by 0104 GMT, while U.S. crude was 46 cents, or 0.8%, higher at $58.31 a barrel.
All eyes will now be on Saudi Arabia’s new energy minister to see if the country will stay the course on stabilizing global crude markets, oil market expert Helima Croft said Monday. This follows news that Saudi Arabia’s King Salman has replaced Energy Minister Khalid al Falih with one of his sons
India has nudged Russia to use its influence on oil suppliers cartel OPEC to balance the global oil market, ensuring adequate supply with responsible and reasonable price.
Oil prices on August 16 rebounded from a two-day drop, alongside equities as expectations of further stimulus by central banks helped to ease recession concerns.