• 5 minutes Rage Without Proof: Maduro Accuses U.S. Official Of Plotting Venezuela Invasion
  • 11 minutes IEA Sees Global Oil Supply Tightening More Quickly In 2019
  • 14 minutes Paris Is Burning Over Climate Change Taxes -- Is America Next?
  • 13 hours U.S. Senate Advances Resolution To End Military Support For Saudis In Yemen
  • 38 mins Alberta govt to construct another WCS processing refinery
  • 6 hours Let's Just Block the Sun, Shall We?
  • 14 hours Waste-to-Energy Chugging Along
  • 18 hours What will the future hold for nations dependent on high oil prices.
  • 17 hours Venezuela continues to sink in misery
  • 1 day UK Power and loss of power stations
  • 1 day Zohr Giant Gas Field Increases Production Six-Fold
  • 13 hours Regular Gas dropped to $2.21 per gallon today
  • 21 hours Contradictory: Euro Zone Takes Step To Deeper Integration, Key Issues Unresolved
  • 7 hours Sleeping Hydrocarbon Giant
  • 1 day Global Economy-Bad Days Are coming
  • 1 day No, The U.S. Is Not A Net Exporter Of Crude Oil
  • 1 day EPA To Roll Back Carbon Rule On New Coal Plants
Alt Text

Oil Jumps On Trump-Xi Trade Truce

Oil prices jumped on Monday…

Alt Text

Oil Prices Crash As OPEC+ Scrambles At 11th Hour

Oil prices headed lower on…

Irina Slav

Irina Slav

Irina is a writer for the U.S.-based Divergente LLC consulting firm with over a decade of experience writing on the oil and gas industry.

More Info

Trending Discussions

Oil Stable After OPEC Chief Suggests ‘’Extraordinary Measures’’

Brent crude and West Texas Intermediate started the week with gains after yesterday OPEC’s Secretary General, Mohammed Barkindo, said the cartel may have to take some “extraordinary measures” to restore the oil market stability. The jump follows a 3.3-percent decline last week, the sharpest weekly fall in four months.

“There is a growing consensus that, number one, the re-balancing process is underway. Number two, to sustain this into next year, some extraordinary measures may have to be taken in order to restore this stability on a sustainable basis going forward,” the top OPEC man said without elaborating on what these measures might include, although he mentioned that OPEC would welcome more participants in the production cut deal. Barkindo was speaking at the India Energy Forum in New Delhi yesterday.

The OPEC agreement with Russia and 10 other producers to take off 1.8 million bpd from the global oil market was originally supposed to last for six months, but in May this year the partners decided to extend it until the end of March 2018. Last week, Russian President Vladimir Putin suggested the cut might be extended further, to the end of 2018.

Whatever extraordinary measures Barkindo has in mind, they won’t need to be discussed at an extraordinary meeting, apparently. “At the moment, there is no talk of an extraordinary meeting,” he told media. OPEC has a scheduled meeting for the end of next month in Vienna. Earlier reports quoted Saudi Arabia’s Energy Minister Khalid al-Falih as saying he hoped the cartel and its partners could reach a consensus on the future of the deal before that meeting.

At the moment, Russia and Saudi Arabia are consulting with the other participants on the future of the deal, but no details about the likelihood of reaching a consensus before November 30 have so far been released.

By Irina Slav 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