Saudi Energy Minister Says OPEC's Deal To Cut Output Uncertain

[rainman + 263]

Saudi oil minister said on Tuesday it was too soon to say if OPEC and its allies would cut production as the terms of a deal remain unresolved, Bloomberg reported. Khalid Al-Falih’s comments come as OPEC and its allies are working towards a deal this week to reduce oil output by at least 1.3 million barrels per day, four sources told Reuters, adding that Russia’s resistance to a major cut was so far the main stumbling block. Al-Falih told Bloomberg that he saw an oversupplied market, but cautioned that all the members of the OPEC and allies group, needed to come together for a cut to go ahead.

Edited December 4, 2018 by rainman

[Pavel + 384]

OPEC must be brought under control, otherwise we are entering a one-way street... just see what just happened in France recently

[damirUSBiH + 327]

Someone said: "oil on the boil" after Russia and the Saudis agree to keep oil curbs into 2019..

[50 shades of black + 254]

Meanwhile, Qatar announced that it will leave the producer group from January to focus on its liquefied natural gas production. But. Qatar’s departure from the group will not have a significant impact on its production as it comprises just 2 percent of the total. 

[pinto + 293]

 

 

3 minutes ago, 50 shades of black said:

Meanwhile, Qatar announced that it will leave the producer group from January to focus on its liquefied natural gas production. But. Qatar’s departure from the group will not have a significant impact on its production as it comprises just 2 percent of the total. 

It's a political, not economic decision.. Indeed, aggressive foreign policy pursued since the rise to power of MbS drove Qatar out.

 

[Petar + 76]

16 minutes ago, 50 shades of black said:

Meanwhile, Qatar announced that it will leave the producer group from January to focus on its liquefied natural gas production. But. Qatar’s departure from the group will not have a significant impact on its production as it comprises just 2 percent of the total. 

It's a significant, not just because of decision. It shows big frustration of small crude producers with the dominant role of Saudi Arabia in the oil block. Goodbye Qatar, who's next?