• 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
  • 9 hours Oil prices going Up? NO!
  • 29 mins Renewables to generate 50% of worldwide electricity by 2050 (BNEF report)
  • 21 mins Reuters: OPEC Ministers Agree In Principle On 1 Million Barrels Per Day Nominal Output Increase
  • 2 days Could Venezuela become a net oil importer?
  • 24 hours Oil prices going down
  • 1 day Could oil demand collapse rapidly? Yup, sure could.
  • 37 mins The Tony Seba report
  • 2 days Gazprom Exports to EU Hit Record
  • 2 days Oil Buyers Club
  • 7 mins Kenya Eyes 200+ Oil Wells
  • 5 hours Saudi Arabia turns to solar
  • 17 hours China’s Plastic Waste Ban Will Leave 111 Million Tons of Trash With Nowhere To Go
  • 11 hours Are Electric Vehicles Really Better For The Environment?
  • 1 day Battle for Oil Port: East Libya Forces In Full Control At Ras Lanuf
  • 2 days Russia's Energy Minister says Oil Prices Balanced at $75, so Wants to Increase OPEC + Russia Oil by 1.5 mbpd
  • 2 days EU Leaders Set To Prolong Russia Sanctions Again
Alt Text

Can Oil Pull Greece Out Of Poverty?

Greece’s withering economy could use…

Alt Text

Rig Count Falters Amid Oil Price Correction

The rig count slipped on…

Alt Text

The Fourth Industrial Revolution Is On The Horizon

The Fourth Industrial Revolution is…

Zainab Calcuttawala

Zainab Calcuttawala

Zainab Calcuttawala is an American journalist based in Morocco. She completed her undergraduate coursework at the University of Texas at Austin (Hook’em) and reports on…

More Info

Trending Discussions

OPEC Output Freeze Deal To Last One Year, Secretary-General Says

Barkindo

The terms of a potential deal within the Organization of Petroleum Exporting Countries (OPEC) may bind member countries for one year, according to comments by the bloc’s secretary-general on Tuesday.

Other officials have signaled that a binding agreement limiting oil output may be imminent, though the length of the discussed deals had been far shorter, Reuters reported.

OPEC and major oil producers outside the cartel - most notably Russia - have been in talks regarding a potential production freeze, though neither a timeline nor a baseline for the halt has been revealed so far.

"One year, we are looking at one year," OPEC Secretary-General Mohammed Barkindo, who hails from Nigeria, said.

OPEC members will hold an informal meeting in Algiers on September 28th on the sidelines of the International Energy Forum.

On Monday, the Algerian Energy Minister said any OPEC production freeze would balance markets for a minimum of six months.

"I think we're likely to reach a consensus," an OPEC source close to the matter told Reuters. "There will not be a decision. The decision will be shelved until we meet in November.”

The source referred to an official OPEC meeting in Vienna scheduled for November 30th. Related: Is U.S. Shale Nearing Collapse?

An additional OPEC source contacted by Reuters said that a general outline of the deal could be complete by the end of next week’s meeting.

"A production freeze is what we all want, but I'm not sure if we will finalize all the discussions at this meeting," the source said.

Iran had refused to be part of a production freeze proposed during OPEC’s meeting in April, arguing that because international sanctions against its oil industry had been lifted just four months prior, it had a right to continue rebuilding its market share.

Saudi Arabia called off the deal at the last minute due to Iran’s non-participation.

This time around, Iran may be more willing to abide by the terms of a halt as its production rate has neared pre-sanction levels in recent weeks.

By Zainab Calcuttawala 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