UK urges collective response to attacks on Saudi oil facilities    Saudi Arabia says full production restored within the month    Mexican embassy celebrates Independence Day with reception    'Egypt will not allow any country to impose its will on another in Ethiopian dam issue,' FM says    Cameroon's longtime FIFA official Hayatou back in African soccer work    Egypt's new listing amendments mandate more women on boards    The Latest on Israeli election: Arab leader Ayman Odeh urges high turnout in Israeli vote    Top UK court hearing challenge to Johnson's Parliament break    Inter's Conte fumes over media's fixation on formations    Egypt, Ethiopia at odds as talks over Blue Nile dam resume    PSG forwards Mbappe, Cavani ruled out of Real Madrid clash    5 plant-based soup recipes to warm your body and soul    Egypt's Ahly to train for Super Cup game against Zamalek immediately    UK to support investment in Egypt with £13mn – official    US waiting and watching on oil reserve, market well supplied: Perry    FTSE 100 steadies after Saudi attacks; Sirius Minerals plummets    President Sisi: Egyptians' awareness led to success of economic reforms    Egypt looks to develop peaceful nuclear energy capabilities – minister    European markets set for cautious open as investors focus on geopolitics, trade    Egypt says GERD talks with Ethiopia 'stumbled', next round in Khartoum in October    Egyptian navy rescues tourists aboard yacht adrift in Red Sea    Tutankhamun Opera to debut with inauguration of Grand Egyptian Museum: Zahi Hawass    Egyptian transport start-up Swvl plans IPO in 5-10 years    Egypt court sentence 6 to death for joining terrorist group, manufacturing explosives; 8 acquitted    Trump says US ‘locked and loaded' for a potential response to Saudi oil attack    Brexit will be delayed again when PM Johnson's deal falls: Nigel Farage    Egyptian gov't working to remove trash in Ismailia    'Al-Daheeh' host Ahmed El-Ghandour shortlisted for IBC's first 'Young Pioneer' award    Egypt's Zamalek suffer surprise 2-1 defeat at Senegal's Generation Foot    Egypt's Sisi discusses education, terrorism at national youth conference    Sisi to open 8th edition of the National Youth Conference Saturday    Spotify buys music production marketplace SoundBetter    Egypt's Ahly striker Amr Gamal joins Talae El-Geish for 2 seasons    Egypt's PM discusses details of Al-Hussein Mosque renovation    Egypt's Baron Empain Palace to be reopen after renovation    Court sentences six to death, 41 to lifetime imprisonment violence related case    Trump says he would release Mideast peace plan after Israeli elections    NBE announces EGP 2.5m prizes for handball youth teams for their world achievements    ACWA Power compares 3 bids to supply production units for Luxor power station    What do you know about gold alloying?    Jennifer Lopez evokes Egyptian outrage post her North Coast performance    Cairo's historic Tahrir square to be renovated – PM    Al-Sisi honours Egypt's scholars on Science Day    IS claims responsibility for suicide bombing killing 63 in Afghan wedding    Political parties gear up for parliamentary, senate, local elections    Unprecedented Glory: Egypt win Men's U-19 World Handball Championship    12th National Egyptian Theatre Festival fuel up public theatre art scene    Ministry of Environment has a plan for "black clouds season"    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.





OPEC to extend oil production curbs as meeting starts in Vienna
Published in Amwal Al Ghad on 01 - 07 - 2019

Ahead of a meeting of the Organization of the Petroleum Exporting Countries (OPEC) and its allies in Vienna, the most important oil producers there are indicating there is likely to be an extension of a plan to curb oil production.
Speaking to reporters in the Austrian capital on Sunday, United Arab Emirates Minister of Energy and Industry Suhail al-Mazrouei said an extension of a deal originally struck in December last year — which called for an output cut of 1.2 million barrels per day — would likely be necessary.
"The current condition of the market, in my view, would require an extension," al-Mazrouei said.
"I said that earlier when we were in … Jeddah for the" Joint Ministerial Monitoring Committee, he said, in reference to his comments from May that the job of OPEC and its allies to balance the oil markets was still incomplete. "We looked at the numbers. I don't think they have changed much … since that time."
Al-Mazrouei's comments came after Russian President Vladimir Putin announced over the weekend that Russia reached an agreement with Saudi Arabia to extend the oil output deal by six to nine months.
"We will support the extension, both Russia and Saudi Arabia," said Putin, who met Saudi Crown Prince Mohammed bin Salman at a Group of 20 (G-20) summit in Japan. "As far as the length of the extension is concerned, we have yet to decide whether it will be six or nine months. Maybe it will be nine months."
Saudi Energy Minister Khalid al-Falih said Sunday that the deal would most likely be prolonged for nine months and no deeper cuts were required.
Asked about the deal extension potentially being decided at the G-20 summit instead of the meeting of OPEC and its allies, al-Mazrouei said: "OPEC is … an organization that each country can veto a decision, that's why … every vote counts."
OPEC members are set to meet on July 1 in Vienna, followed by a meeting that will include non-OPEC states, such as Russia, on July 2.
Oil prices rose sharply in the afternoon of Asian trading hours on Monday, with international benchmark Brent crude futures adding 2.58 percent to $66.41 per barrel. U.S. crude futures jumped 2.46 percent to $59.91 per barrel.
Iran says it wants unity
Meanwhile, OPEC member Iran called for unity among members of the cartel.
"Iran supports cooperation with non-OPEC states, but as long as some members of OPEC are hostile against other members, like Iran, OPEC's understandings with non-OPEC states are meaningless and there is no room for cooperation," Iran's Oil Minister Bijan Zanganeh said in a report by Shana, the country's oil ministry news service.
Tehran has in the past objected to policies put forward by its regional arch-rival Saudi Arabia, claiming Riyadh is too close to Washington.
With its economy crippled by sanctions imposed by the U.S., tensions between Tehran and Washington have risen in recent weeks after Iran shot down an American drone.
One analyst, however, said there may be little that Iran can do except wait it out until another U.S. administration comes along.
"Iran's game is try and keep as many friends as it can in Europe, and if it creates a military incident or a blockage on supply, it will lose those European friends very quickly," Richard Martin, managing director at IMA Asia, a forum for business executives in Asia, told CNBC's "Squawk Box" on Monday.
"I think the best Iran can do is wait for another president in the United States because for (Donald) Trump, Iran is the perfect flag to wave to his base in the U.S. voting public, that's what it is for him, " Martin said. "So, he can just keep the pressure on them as long as he likes. There's no pressure on Trump to do a deal here at any point."
Source: CNBC


Clic here to read the story from its source.