• 4 minutes "Natural Gas Trading Picks Up Considerably Amid High Volatility" by Charles Kennedy - ...And is U.S. NatGas Futures dramatically overbought at the $6.35 range?
  • 8 minutes How Far Have We Really Gotten With Alternative Energy
  • 12 minutes  What Russia has reached over three months diplomatic and military pressure on West ?
  • 11 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 11 hours Revisiting: "The U.S. Grid Isn’t Ready For A Major Shift To Renewables" from March 2021 by Irina Slav at OILPRICE
  • 6 days "The Calm Before The Storm In Oil Markets" by Tom Kool of OILPRICE and seen at YahooFinance
  • 2 days How cheap Chinese tires might explain Russia's 'stalled' 40-mile-long military convoy in Ukraine
  • 6 days "Russia will stop 'in a moment' if Ukraine meets terms - Kremlin" by Reuters via Yahoo News...but Reuters suddenly cut out the balanced part of the story.
  • 6 days Will Variants and Ill-Health Continue to Plague Economic Outlooks?
  • 6 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
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

Premium Content

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





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




EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News