• 3 minutes Could Venezuela become a net oil importer?
  • 7 minutes Reuters: OPEC Ministers Agree In Principle On 1 Million Barrels Per Day Nominal Output Increase
  • 12 minutes Battle for Oil Port: East Libya Forces In Full Control At Ras Lanuf
  • 49 mins Could Venezuela become a net oil importer?
  • 7 hours Reuters: OPEC Ministers Agree In Principle On 1 Million Barrels Per Day Nominal Output Increase
  • 4 hours Tesla Closing a Dozen Solar Facilities in Nine States
  • 10 hours Saudi Arabia plans to physically cut off Qatar by moat, nuclear waste and military base
  • 4 hours Why is permian oil "locked in" when refineries abound?
  • 40 mins Gazprom Exports to EU Hit Record
  • 32 mins Could oil demand collapse rapidly? Yup, sure could.
  • 28 mins Oil Buyers Club
  • 2 hours EU Leaders Set To Prolong Russia Sanctions Again
  • 3 hours Oil prices going down
  • 22 hours Teapots Cut U.S. Oil Shipments
  • 18 hours Battle for Oil Port: East Libya Forces In Full Control At Ras Lanuf
  • 4 hours EVs Could Help Coal Demand
  • 13 hours Saudi Arabia turns to solar
  • 23 hours Hot line, Macron: Phone Calls With Trump Are Like Sausages Best Not To Know What Is Inside
  • 10 hours China’s Plastic Waste Ban Will Leave 111 Million Tons of Trash With Nowhere To Go
Tsvetana Paraskova

Tsvetana Paraskova

Tsvetana is a writer for the U.S.-based Divergente LLC consulting firm with over a decade of experience writing for news outlets such as iNVEZZ and…

More Info

Trending Discussions

OPEC Looks To Permanently Expand The Cartel

OPEC

At its November 30 meeting, OPEC will seek to discuss making its current partnership with non-OPEC producers permanent, OPEC’s Secretary General Mohammad Barkindo told reporters at the Oil & Money conference in London on Thursday.

“This platform of 24 countries, now hopefully growing, should be institutionalized,” Barkindo said, as quoted by Platts.

“We should have a permanent framework to sustain this platform,” OPEC’s secretary general added. “We are working with the Russian and Saudis on how we can structure this platform to sustain it.”

In his speech at the conference, OPEC’s chief said that “at OPEC we recognize the importance of institutionalizing a framework that builds on this unparalleled global platform of stability. This would go beyond the short-term and look at some of the broader challenges, as well as opportunities, the oil industry is expected to face in the years and decades ahead.”

Referring to the U.S. shale producers, Barkindo reiterated his view that American producers should have a “shared responsibility”, and said that some of them are “playing the proverbial ostrich.”

In an unconventional plea to U.S. shale drillers last week, Barkindo urged North American producers to share the responsibility for drawing down the global oil overhang.

“We urge our friends in the shale basins of North America to take this shared responsibility with all the seriousness it deserves, as one of the key lessons learnt from the current, unique supply-driven cycle,” OPEC’s chief said in a speech last week.

Related: Kurdistan Accuses Baghdad Of Planning Oil Field Seizure

Commenting on the shale drillers’ opportunities and challenges, Barkindo said today:

“You cannot have your cake and eat it. Hence we are beginning to see some of them coming out to say we have to be mindful of fiscal discipline. The funding they are getting from Wall Street is not continuing at the pace and level that they were getting.”  

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:




Back to homepage

Trending Discussions


Leave a comment

Leave a comment




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