OPEC, news on cuts extending beyond March

OPEC, news on cuts extending beyond March

Editorial Staff
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The Energy Minister of the United Arab Emirates has apparently indicated that, in the summit planned for November 30, the Organization could extend its production cuts

Oil prices rose higher, following a series of indiscretions concerning OPEC’s upcoming moves. Apparently the UAE Energy Minister has recently indicated that the OPEC summit on November 30 in Vienna could decide to prolong its production cuts beyond March 2018. And the Secretary General of the organization, Sanusi Barkindo, in the margins of a meeting in Delhi, has mentioned that talks concerning further price cuts are continuing, and that the measures taken so far are contributing to the rebalancing of the market, even though further "extraordinary efforts" may be necessary next year. Meanwhile, the Ria Novosti agency reports that the summit in late November will be preceded by a meeting of the joint OPEC/NON-OPEC Technical Committee, also in Vienna, on October 20. It seems that Libya and Nigeria (who did not participate in the previous round of cuts) have also been invited to this meeting, as well as Iraq.