• 4 minutes Why Trump will win the wall fight
  • 8 minutes Cuba Charges U.S. Moving Special Forces, Preparing Venezuelan Intervention
  • 12 minutes Maduro Asks OPEC For Help Against U.S. Sanctions
  • 16 minutes Washington Eyes Crackdown On OPEC
  • 30 mins is climate change a hoax? $2 Trillion/year worth of programs intended to be handed out by politicians and bureaucrats?
  • 22 mins Solar and Wind Will Not "Save" the Climate
  • 5 hours Some Good News on Climate Change Maybe
  • 6 hours Ayn Rand Was Right
  • 13 hours students walk out of school in protest of climate change
  • 5 hours Expected Breakdown: Israel-Central Europe Summit Canceled After Polish Pullout
  • 2 hours Indian Oil Signs First Annual Deal For U.S. OilIndian Oil Signs First Annual Deal For U.S. Oil
  • 1 day Prospective Cause of Little Ice Age
  • 24 hours L.A. Mayor Ditches Gas Plant Plans
  • 1 day *Happy Dance* ... U.S. Shale Oil Slowdown
  • 4 hours IT IS FINISHED. OPEC Victorious
  • 1 day And for the final post in this series of 3: we’ll have a look at the Decline Rates in the Permian
Alt Text

Flurry Of Bullish News Boosts Oil Prices

Oil prices reached 2019 highs…

Alt Text

Why WTI Is A Global Oil Market Benchmark

As U.S. crude oil production…

Alt Text

The Next Big Threat For Oil Comes From China

Oil product prices often lead…

Tsvetana Paraskova

Tsvetana Paraskova

Tsvetana is a writer for the U.S.-based Divergente LLC consulting firm with over a decade of experience writing for news outlets such as iNVEZZ and…

More Info

Trending Discussions

Saudis: OPEC May Discuss Deeper Cuts In November

OPEC and the non-OPEC producers that are part of the production cut deal may consider deepening the output cuts at the cartel’s next meeting in Vienna in November, Saudi Arabia’s Energy Minister Khalid al-Falih said in an interview with Russia’s TASS news agency on the sidelines of the St. Petersburg International Economic Forum on Friday.

“If for whatever reason we need to do more we will consider doing more. I’ve said that before that we will do whatever is necessary, including extensions, including deeper cuts,” TASS quoted al-Falih as saying.

The Saudi minister reiterated OPEC’s goal to draw inventories down to the industry’s five-year average.

“Let’s monitor how close we are, what the trajectory is, and based on that we will decide,” al-Falih told TASS.

Asked about the possibility to deepen the cuts in November, Saudi Arabia’s top oilman said:

“Nothing is off the table.”

But on the other hand, al-Falih said that nothing is up for discussion now.

“We just made a deal, all countries hopefully will meet their commitments, and they’re doing that,” he told the Russian news agency.

Al-Falih has often reiterated that Saudi Arabia, as OPEC’s biggest producer and de facto leader, will do “whatever it takes” to reduce the global oversupply.

Related: 4 Wildly Different Oil Price Scenarios For 2020

However, OPEC’s decision from last week to roll over the cuts as-is until March 2018 was not seen by the market as doing “whatever it takes”, as investors were looking for stronger commitment, such as deeper cuts or a longer period of extension, and oil prices plunged 5 percent following the announcement of the deal.

After the deal was extended, the possibility of steeper cuts was also aired by Russia’s Energy Minister Alexander Novak, who said on the day after the extension was sealed that deeper cuts are not out of the question.

By Tsvetana Paraskova for Oilprice.com

More Top Reads For 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