• 5 minutes Trump will capitulate on the trade war
  • 7 minutes China 2019 - Orwell was 35 years out
  • 12 minutes Glory to Hong Kong
  • 15 minutes ABC of Brexit, economy wise, where to find sites, links to articles ?
  • 3 hours Here's your favourite girl, Tom!
  • 8 hours Peaceful demonstration in Hong Kong again thwarted by brutality of police
  • 8 hours Civil Unrest Is Erupting All Over The World, But Just Wait Until America Joins The Party...
  • 4 hours Wonders of US Shale: US Shale Benefits: The U.S. leads global petroleum and natural gas production with record growth in 2018
  • 6 hours China's Blueprint For Global Power
  • 2 hours Nigeria Demands $62B from Oil Majors
  • 9 hours Australian Hydroelectric Plant Cost Overruns
  • 2 hours Canada Election Deadlock?
  • 6 hours IMO 2020:
  • 22 hours Brexit agreement
  • 9 hours Ford Planning Huge North American Charging Network
  • 1 day The Problem Is The Economy, Not The Climate
  • 23 hours 5 Tweets That Change The World?
Alt Text

Oil Prices Tank On Global Recession Fears

Oil prices fell once again,…

Alt Text

OPEC Chief Hints At Deeper Cuts In December

OPEC Secretary Mohamed Barkindo has…

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

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:




Download The Free Oilprice App Today

Back to homepage



Leave a comment

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News
Download on the App Store Get it on Google Play