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Sources: OPEC may reconsider the cut production agreement DinarDailyUpdates?bg=330099&fg=FFFFFF&anim=1

Sources: OPEC may reconsider the cut production agreement

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Sources: OPEC may reconsider the cut production agreement Empty Sources: OPEC may reconsider the cut production agreement

Post by RamblerNash on Fri Mar 29, 2019 10:32 pm

Sources: OPEC may reconsider the cut production agreement

Sources: OPEC may reconsider the cut production agreement Story_img_5c9d2c8324216

2019/3/28 23:20

(Reuters) Sources close to the OPEC + negotiations said the group could consider extending the oil production cutoff agreement for three months instead of six months (until the end of 2019) in June.

Reuters quoted three sources as saying the reason for the change in duration was to doubt Russia's position on the issue.

According to one source, "we can extend a three-month period at the June meeting, and then we will see whether it is necessary to extend this period later."

In particular, Russian energy minister Alexander Novak told his Saudi counterpart Khalid al-Faleh during talks in the Azerbaijani capital of Baku in March that "he can not guarantee the extension of the agreement until the end of 2019."

OPEC and a number of non-OPEC countries decided at the end of 2018 to update the terms of the oil production reduction agreement, which has been in force since the beginning of 2017.

Under the agreement, the signatories agreed to cut their production by 1.2 million barrels per day October 2018 level, of which 228 thousand barrels from Russia.

The new agreement is being prepared until the first half of 2019. In this case, the organization recognizes the possibility of extending the agreement for the second half of 2019.

But Novak and al-Faleh said at a meeting of OPEC's ministerial monitoring committee in March that the issue should be postponed until June, While continuing to monitor the market.

The two ministers noted that at the moment there is no point in rushing to make a concrete decision. Unexpected events in the coming months are very possible, mainly related to US sanctions against Iran and Venezuela.


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