• 5 minutes Covid-19 logarithmic growth
  • 8 minutes Why Trump Is Right to Re-Open the Economy
  • 12 minutes Charts of COVID-19 Fatality Rate by Age and Sex
  • 14 minutes China Takes Axe To Alternative Energy Funding, Slashing Subsidies For Solar And Wind
  • 11 hours Its going to be an oil bloodbath
  • 12 mins US Shale Resilience: Oil Industry Experts Say Shale Will Rise Again
  • 5 hours Trump will meet with executives in the energy industry to discuss the impact of COVID-19
  • 5 hours Marine based energy generation
  • 7 hours What If ‘We’d Adopted A More Conventional Response To This Epidemic?’
  • 18 hours The Most Annoying Person You Have Encountered During Lockdown
  • 21 hours Which producers will shut in first?
  • 15 hours Trafigura CEO Weir says, "We will see 30% to 35% drop in demand". That amounts to 35mm bbls/day glut ! OPEC+ 10 mm cut won't fix it. It's a DEMAND problem.
  • 9 hours Real Death Toll In CCP Virus May Be 12X Official Toll
  • 19 hours Cpt Lauren Dowsett
  • 4 hours TRUMP pushing Hydroxychloroquine + Zpak therapy forward despite FDA conservative approach. As he reasons, "What have we got to lose ?"
  • 17 hours Today 127 new cases in US, 99 in China, 778 in Italy
  • 20 hours Washington doctor removed from his post, over covid

Breaking News:

IEA: OPEC Can’t Save The Oil Market

Alt Text

Standard Chartered Sees Record Oil Demand Loss This Year

Lockdowns and travel restrictions will…

Alt Text

Could Oil Really Fall To $0?

More bad news for the…

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

UAE: OPEC Very Likely To Agree To Oil Production Cuts

OPEC will very likely agree to cut oil production at its upcoming meeting in early December, although the size of the cuts is yet to be decided, Ahmed al-Kaabi, Governor for OPEC of the United Arab Emirates (UAE), told the local Al Bayan newspaper on Tuesday.

The OPEC-Non-OPEC Joint Ministerial Monitoring Committee (JMMC) is still assessing the state of the oil market and will share with the group its findings before the meeting in Vienna on December 6-7, al-Kaabi added.

The UAE is committed to comply with any decision of OPEC, the official noted.

Two weeks before the meeting of the OPEC and non-OPEC partners, speculation has intensified that the cartel and its de facto leader Saudi Arabia may be willing to make another U-turn in oil production policy and decide to cut production next year, just months after increasing output to offset expected losses from Iran and Venezuela.

While Saudi Arabia says that there may be a need of cutting oil production by 1 million bpd, Russia—the leader of the non-OPEC partners in the deal—looks more non-committal, at least for the time being. Last week, reports emerged that Russia may prefer to stay out of any fresh oil production cuts.

Russia’s only hints to the market so far are that it is discussing potential oil production cuts with local producers and will continue talks to come up with a position by the December meeting, as Russian Energy Minister Alexander Novak said on Monday.

Despite the flurry of various reports from many sides within the cartel that an OPEC cut is in the making, oil prices plunged on Tuesday morning, depressed by the stock market sell-off and renewed concerns about oil oversupply. WTI Crude was plunging 5.24 percent at $54.20, while Brent Crude was plummeting 4.15 percent at $64.02 at 10:22 a.m. EST.

By Tsvetana Paraskova 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