Opec members to meet to discuss extending production cuts

24 September, 2017, 00:57 | Author: Gladys Mathis
  • Russia's Energy Minister Alexander Novak Kuwait's Oil Minister and OPEC conference president Issam Almarzooq and OPEC Secretary General Mohammad Barkindo attend a meeting of OPEC and non-OPEC producing countries in Vienna on Friday

Kuwait's oil minister said the meeting would not discuss an extension, but his Algerian counterpart told state media that it would, Bloomberg News reported.

The ministerial meeting of OPEC countries and other big oil exporters started today its debates, in order to monitor the accomplishment of the pact to reduce pumping and value other alternatives to stabilize the market.

As one of the older OPEC members that has continued to work for the good of the group and its member countries, Mr. Kachikwu said, Nigeria was bound by whatever agreements and resolutions collectively made by OPEC, including the need to cap its oil production when it has stabilised at 1.8 million bpd.

The next key event will be a November 30 meeting of Opec ministers.

"An extension of the agreement or an increase in the cuts may be announced", said Jeffrey Halley of futures brokerage Oanda. US crude dipped 0.2% to $50.44. Prices advanced 5.1 percent last week, the biggest weekly gain since July.

Elsewhere, for November delivery on the ICE Futures Exchange in London was up 8 cents or about 0.14% at $56.51 a barrel, its highest since April. The contract is up 2.2 percent for the week. The global benchmark crude traded at a premium of US$6.20 to WTI.

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Front-month Brent fates have raised forcefully as of late, considerably more than forwarding costs and the contango, a side effect of an oversupplied showcase, has bit by bit vanished from most crude markets to be supplanted by backwardation, an indication of snugness.

Years of instability in the oil-rich Niger Delta region of the country resulted into a drop Nigeria's oil production, causing its foreign reserves to deplete and dragging the country into recession last year. There is no reason for deeper cuts, he told reporters in Vienna.

Meanwhile, OPEC Secretary-General Mohammad Barkindo said it is critical for the group to maintain focus and fully implement agreed curbs.

"CMC Markets chief market strategist Michael McCarthy was quoted by the news agency as saying: "(There will be) strong rhetoric but whether or not they will be able to boost oil prices from current high levels is another question". "At the end of the day, even though they raised hopes, there was nothing solid".

Later on Friday investors will be watching for data from the oil-services firm Baker Hughes, which releases its count of active drilling rigs, a bellwether for production in the USA oil industry.

Oil prices settled up 2% on Wednesday as traders and investors ignored a build in US crude stockpiles from last week to focus on the likelihood of OPEC extending crude production cuts when it meets later this week to assess price support measures.

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