• 10 hours Retail On Pace For Most Bankruptcies And Store Closures Ever In One Year: BDO
  • 10 minutes America Could Go Fully Electric Right Now
  • 2 days Majors Oil COs diversify into Renewables ? What synergies forget have with Solar Panels and Wind Tirbines ? None !
  • 31 mins Clean Energy Is Canceling Gas Plants
  • 1 hour GAME CHANGER: MIT Startup Commonwealth Fusion says Commercial Product by early 2030s ! THIS CHANGES EVERYTHING..
  • 2 hours America's Frontline Doctors - Safely Start Living Again!
  • 13 hours Biden denies fracking ban
  • 13 hours "COVID Kills Another Oil Rally" by Tom Kool 10/16/2020
  • 4 mins OP article : "Trump blasts Biden Fracking Plan . . . "
  • 5 hours The Leslie Stahl/60 Minutes Interview with President Trump
  • 7 hours Is the coal industry on the way out?
  • 19 hours Australia’s Commodities Heartland Set for Major Hydrogen Plant
  • 1 day Conoco Pledges ‘Net-Zero’ Emissions in Break With U.S. Rivals
  • 2 days A sneak peak into the US election
IMF Sees Oil Prices At $40-50 Next Year

IMF Sees Oil Prices At $40-50 Next Year

Oil prices are not expected…

How Will Exxon’s Big Bet On Oil Play Out?

How Will Exxon’s Big Bet On Oil Play Out?

Exxon has approached the oil…

Irina Slav

Irina Slav

Irina is a writer for Oilprice.com with over a decade of experience writing on the oil and gas industry.

More Info

Premium Content

Saudi Oil Minister: No Need For Extraordinary OPEC Meeting

There is no need for the Organization of Petroleum Exporting Countries to schedule an extraordinary meeting before April, Saudi Arabia’s Energy Minister, Khalid al-Falih, told media, as quoted by Reuters.

At the same event, an industry conference taking place in Abu Dhabi, Al-Falih also said the market was moving in the right direction and prices will recover soon enough. He added, however, that OPEC and its partners are ready to do more if this was called for.

Brent and West Texas Intermediate are down again today, after a pickup last week, with Brent crude trading at US$59.71 a barrel at the time of writing, down 1.27 percent, and WTI trading at US$50.85 a barrel, down 1.43 percent from Friday’s close.

“If we look beyond the noise of weekly data and speculators’ herd-like behavior, I remain convinced that we’re on the right track, and that the oil market will quickly return to balance,” AL-Falih said, adding that secondary data sources tracking OPEC production had found that the cartel had pumped 600,000 bpd less in December than in the previous month.

The possibility of an extraordinary meeting was first voiced by the Oil Minister of the UAE, Suhail al-Mazrouei, who said OPEC might need to meet again to discuss tweaks to the cuts before April if 1.2 million bpd was not enough to prop up prices.

“What if the 1.2 million barrels of cuts are not enough? I am telling you that if it is not, we will meet and see what is enough and we will do it,” Mazrouei said in late December. “The plan (to cut oil production) is well studied but if it does not work, we always have the power in OPEC to call for an extraordinary meeting. If we are required to extend for (another) six months, we will do it... I can assure you an extension will not be a problem.”

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage





Leave a comment

Leave a comment




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