Oil producers to extend cuts to rebalance market: UAE - News Summed Up

Oil producers to extend cuts to rebalance market: UAE


UAE Energy Minister Suhail al-Mazrouei: "There is a potential for extension" of the oil production cut dealBy KARIM SAHIBOil producers are expected to unanimously extend a production cut accord later this month but its duration is being discussed, the UAE energy minister said on Monday. He said 158 million barrels of surplus crude oil remain on the market and "we need to reduce that -- which means there is a potential for extension". Mazrouei said there was near-unanimity among the 24 OPEC and non-OPEC producers which agreed a year ago to cut output by 1.8 million barrels per day. "I am hopeful that we will reach an agreement that will lead to more stabilisation in the market and more investments coming to the market," he said. Mazrouei, whose government is OPEC's fourth largest oil producer, said he was not happy with the sharp fluctuations in prices, saying they need to be more stable.


Source: Libya Today November 13, 2017 11:15 UTC


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