• 3 minutes Oil Price Could Fall To $30 If Global Deal Not Extended
  • 8 minutes Why Is America (Texas) Burning Millions of Dollars Per Day Of Natural Gas?
  • 11 minutes Is $60/Bbl WTI still considered a break even for Shale Oil
  • 15 minutes CNN:America's oil boom will break more records this year. OPEC is stuck in retreat
  • 21 mins The Pope: "Climate change ... doomsday predictions can no longer be met with irony or disdain."
  • 56 mins Hormus and surrounding waters: Energy Threats to the World: Oil, LNG, shipping markets digest new risks after Strait of Hormuz attack
  • 5 hours As Iran Nuclear Deal Flounders, France Turns To Saudi For Oil
  • 31 mins The Magic and Wonders of US Shale Supply: Keeping energy price shock minimised: US oil supply keeping lid on prices despite global risks: IEA chief
  • 10 hours Middle East on brink: Oil tankers attacked off Oman
  • 4 hours Never Knew Gasoline Prices were this important!
  • 1 hour Russia removes special military forces from Venezuela . . . . Maduro gone by September ? . . . Oil starts to flow ? Think so . .
  • 3 hours (Un)expectedly: UK Court Sets Assange U.S. Extradition Hearing For February 2020
  • 21 hours Magic of Shale: EXPORTS!! Crude Exporters Navigate Gulf Coast Terminal Constraints
  • 20 hours Emmissions up, renewables nowhere
  • 20 hours Britain makes it almost 12 days with NO COAL
  • 21 hours Only one country is contemplating destroying its own resource sector: Canada
  • 2 hours The Latest: Iranian FM Says US Cannot Expect To ‘Stay Safe’
  • 4 hours We Are Better Than This
Tsvetana Paraskova

Tsvetana Paraskova

Tsvetana is a writer for Oilprice.com with over a decade of experience writing for news outlets such as iNVEZZ and SeeNews. 

More Info

Trending Discussions

Saudi Arabia: Deeper Cuts Are Still On The Table

OPEC and its non-OPEC partners have not closed the door to the possibility of extending the production cut agreement or even lowering production levels, Saudi Oil Minister Khalid al-Falih told Saudi-owned newspaper Asharq Al-Awsat in remarks published on Friday.

Al-Falih’s comments were aired just a day after OPEC confirmed reports that its crude oil production increase last month, reporting a daily rate of 32.869 million barrels, up by 172,600 bpd. Libya, Nigeria, and Saudi Arabia were the main drivers behind the OPEC production increase, with Libya raising its output by 154,300 bpd—by far the biggest increase among the cartel’s members. Nigerian oil production rose by 34,300 bpd to 1.748 million bpd, while Saudi Arabia’s went up by 31,800 bpd to 10.067 million bpd.

“The possibility of continued production cuts is on the table, and the door to extension of reduction has not been closed. If further actions are needed by the market, whether to extend or change production levels, they will be examined on time and agreed through 24 countries,” Asharq Al-Awsat quoted the Saudi minister as saying.

Saudi Arabia, however, will not take unilateral actions to tweak production and will seek consensus among all parties concerned, according to the most influential of OPEC’s oilmen.

Earlier this week, OPEC held a meeting with some of the producers and cited its members Iraq and the UAE, as well as non-OPEC signatories to the deal Kazakhstan and Malaysia, as laggards in compliance, but added that they “all expressed their full support for the existing monitoring mechanism and their willingness to fully cooperate.” Related: Tesla Successfully Raises Funds As Cash Bleed Continues

“It is too early to predict what will happen following the first quarter of next year,” al-Falih told the Saudi newspaper.

Just two months ago, the minister told the same outlet that the oil market had started to show signs that it was headed in the right direction, and expectations pointed to the market returning to balance in the fourth quarter this year.

The shrinking contango structure of the oil market has almost disappeared of late, in a sign that the market is tightening.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:




Download The Free Oilprice App Today

Back to homepage

Trending Discussions


Leave a comment
  • Jeffrey J. Brown on August 11 2017 said:
    Note that after Saudi net oil exports (total petroleum liquids, BP data base) increased strongly from 7.1 million bpd in 2002 to 8.7 million bpd in 2005, their net exports have been below the 2005 rate for 11 straight years, ranging from 6.8 to 8.4 million bpd.
  • Phillip Whykes on August 11 2017 said:
    OilPrice.com A few weeks or so back you put up an article about OPEC and it's demise. Apparently OPEC could be near it's use by date and could indeed fold in the very near future.

    I am wondering if this is still the case and if so will it lead to a very low oil price per barrel possibly $30 and as low as $25 p/b???

Leave a comment





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