• 3 hours U.S. Oil Production To Increase in November As Rig Count Falls
  • 5 hours Gazprom Neft Unhappy With OPEC-Russia Production Cut Deal
  • 7 hours Disputed Venezuelan Vote Could Lead To More Sanctions, Clashes
  • 9 hours EU Urges U.S. Congress To Protect Iran Nuclear Deal
  • 11 hours Oil Rig Explosion In Louisiana Leaves 7 Injured, 1 Still Missing
  • 11 hours Aramco Says No Plans To Shelve IPO
  • 3 days Trump Passes Iran Nuclear Deal Back to Congress
  • 3 days Texas Shutters More Coal-Fired Plants
  • 3 days Oil Trading Firm Expects Unprecedented U.S. Crude Exports
  • 3 days UK’s FCA Met With Aramco Prior To Proposing Listing Rule Change
  • 3 days Chevron Quits Australian Deepwater Oil Exploration
  • 4 days Europe Braces For End Of Iran Nuclear Deal
  • 4 days Renewable Energy Startup Powering Native American Protest Camp
  • 4 days Husky Energy Set To Restart Pipeline
  • 4 days Russia, Morocco Sign String Of Energy And Military Deals
  • 4 days Norway Looks To Cut Some Of Its Generous Tax Breaks For EVs
  • 4 days China Set To Continue Crude Oil Buying Spree, IEA Says
  • 4 days India Needs Help To Boost Oil Production
  • 4 days Shell Buys One Of Europe’s Largest EV Charging Networks
  • 4 days Oil Throwback: BP Is Bringing Back The Amoco Brand
  • 4 days Libyan Oil Output Covers 25% Of 2017 Budget Needs
  • 4 days District Judge Rules Dakota Access Can Continue Operating
  • 5 days Surprise Oil Inventory Build Shocks Markets
  • 5 days France’s Biggest Listed Bank To Stop Funding Shale, Oil Sands Projects
  • 5 days Syria’s Kurds Aim To Control Oil-Rich Areas
  • 5 days Chinese Teapots Create $5B JV To Compete With State Firms
  • 5 days Oil M&A Deals Set To Rise
  • 5 days South Sudan Tightens Oil Industry Security
  • 6 days Over 1 Million Bpd Remain Offline In Gulf Of Mexico
  • 6 days Turkmenistan To Spend $93-Billion On Oil And Gas Sector
  • 6 days Indian Hydrocarbon Projects Get $300 Billion Boost Over 10 Years
  • 6 days Record U.S. Crude Exports Squeeze North Sea Oil
  • 6 days Iraq Aims To Reopen Kirkuk-Turkey Oil Pipeline Bypassing Kurdistan
  • 6 days Supply Crunch To Lead To Oil Price Spike By 2020s, Expert Says
  • 6 days Saudi Arabia Ups November Oil Exports To 7-Million Bpd
  • 6 days Niger Delta State Looks To Break Free From Oil
  • 7 days Brazilian Conglomerate To Expand Into Renewables
  • 7 days Kurdish Independence Could Spark Civil War
  • 7 days Chevron, Total Waiting In The Wings As Shell Mulls Majnoon Exit
  • 7 days The Capital Of Coal Is Looking For Other Options
Global Energy Advisory 13th October 2017

Global Energy Advisory 13th October 2017

Tensions between Iran and the…

Are Oil Stocks Close To A Breakout?

Are Oil Stocks Close To A Breakout?

As oil markets continue to…

Julianne Geiger

Julianne Geiger

Julianne Geiger is a veteran editor, writer and researcher for US-based Divergente LLC consulting firm, and a member of the Creative Professionals Networking Group.

More Info

Oman to Announce Oil Output Cuts After Vienna Meet

OPEC

Omani authorities say the country will cooperate in OPEC’s planned output cut, but is holding out on a specific cut commitment until the cartel’s 10 December meeting in Vienna, news agencies report.

OPEC has agreed to cut a total of 1.2 million barrels per day of crude oil production, and now non-OPEC members are being brought into the fold, with the terms of individual member participation to be discussed in Vienna next week, with cuts to be implemented at the beginning of the New Year.

“We will discuss the terms and conditions of a production freeze or cut with other countries. Oman will co-operate to achieve the planned target. Our percentage decrease in production will depend on the meeting and how much we are asked to cut,” Times of Oman quoted Oman’s oil and gas minister, Dr Mohammed Al Rumhy, as saying.

On Sunday, Oman, the largest non-OPEC producer in the Middle East, confirmed that it would attend the 10 December meeting. OPEC is holding out for non-cartel countries to slash 600,000 bpd in crude output, of which Russia has agreed to cut 300,000 bpd on its own.

How much Oman is likely to cut is pure speculation at this point. While the oil and gas minister noted that other non-OPEC producers were throwing about suggestions of a 3-4-percent reduction in output, Oman may be considering bigger cuts. In the past, Oman has indicated that it might be willing to cut between 5 percent and 10 percent of its production in order to help rebalance the market, Reuters reported.

Oman is producing about 1 million bpd, and the Minister Rumhy is eying $50-$60/barrel oil prices next year, assuming the OPEC cuts go forward.

OPEC hit record output in November of 34.19 million bpd, up from 33.82 million bpd the previous month, according to a Reuters survey. Likewise, Russia averaged 11.21 million bpd in November, a 30-year record.

By Julianne Geiger for Oilprice.com

More Top Reads From Oilprice.com



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News