• 4 minutes Mueller Report Brings Into Focus Obama's Attempted Coup Against Trump
  • 7 minutes Countries with the most oil and where they're selling it
  • 10 minutes Stack gas analyzers
  • 13 minutes What Would Happen If the World Ran Out of Crude Oil?
  • 5 hours US Military Spends at least $81 Billion Protecting OPEC Persian Gulf Oil Shipping Lanes (16% DoD Budget)
  • 3 hours How many drilling sites are left in the Permian?
  • 5 hours "Undeniable" Shale Slowdown?
  • 14 hours Gas Flaring
  • 17 hours China To Promote Using Wind Energy To Power Heating
  • 8 hours Overheating the Earth: High Temperatures Shortened Alaska’s Winter Weather
  • 6 hours Mueller Report Brings Into Focus Trump's Attempts to Interfere in the Special Counsel Investigation
  • 16 hours Climate Change Protests
  • 4 hours Everything Is Possible: Germany’s Coal Plants May Be Converted to Giant Batteries
  • 2 days Oil at $40
  • 2 days Negative Gas Prices in the Permian
  • 1 day U.S. Refiners Planning Major Plant Overhauls In Second Quarter
  • 16 hours Tax Credits for Energy Storage
  • 1 day Japan’s Deflation Mindset Could Be Contagious

Breaking News:

Guaido Takes Strides To Topple Maduro

Alt Text

Oil Markets Set For Further ‘’Disruption’’

Increased volatility has led to…

Alt Text

Bullish Hedge Funds Send Oil Soaring

Strong institutional interest in oil…

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:




Download The Free Oilprice App Today

Back to homepage

Trending Discussions


Leave a comment

Leave a comment




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