• 2 minutes Oil Price Could Fall To $30 If Global Deal Not Extended
  • 5 minutes The Inconvenient Truth Of Electric Cars
  • 8 minutes Iran downs US drone. No military response . . Just Destroy their economy. Can Senator Kerry be tried for aiding enemy ?
  • 17 mins Here we go folks, the wish of so many: Pres. Trump threatens to lessen US security role in Strait of Hormuz, unveils sanctions
  • 6 hours Climate change & Wildfires: More Wildfires To The Western U.S., Will Affect Tens Of Millions Of People
  • 8 hours Wonders of Shale - Gas, bringing investments and jobs to the US
  • 7 hours Magic of Shale: EXPORTS!! Crude Exporters Navigate Gulf Coast Terminal Constraints
  • 15 hours Hard To Believe: UAE Will Work To Defuse Middle East Tension
  • 4 hours The Strait of Hormuz is the world’s most important oil transit chokepoint
  • 9 hours The Plastics Problem
  • 11 hours Looks like Trump is putting together a "Real" Coalition to protect Persian shipping lanes. Makes perfect sense. NO Fake "Coalition's of the Willing" UPDATE REUTERS Pompeo "Sentinel Program"
  • 4 hours Here We Go: New York Lawmakers Pass Aggressive Law To Fight Climate Change
  • 12 hours Cherry Picking Climate Data
  • 16 hours Oil Demand Needs to Halve: Equinor
  • 16 hours Green vs. Coal: Bavaria Seeks Fast-Track German Coal Exit in Snub to Merkel Plan
  • 9 hours Is $60/Bbl WTI still considered a break even for Shale Oil
The Last U.S. Oil Major In Venezuela

The Last U.S. Oil Major In Venezuela

Chevron is the last U.S.…

A Worrying Sign For Global Oil Demand

A Worrying Sign For Global Oil Demand

It looks like we are…

Not All OPEC Members On Board For 9-Month Cut Extension

Oil

OPEC and friends will discuss later this week if the production cut deal should be extended by six or nine months, because there isn’t a unanimous unconditional support for a nine-month extension, Kuwaiti Oil Minister Essam al-Marzouq said on Tuesday.

We have agreed on the six months. Some of the countries have agreed to six months subject to a revision in November for an additional three months,” al-Marzouq said before heading to Vienna for the Thursday meeting, as quoted by Reuters.

Kuwait is part of the OPEC committee monitoring the cuts together with fellow OPEC members Algeria and Venezuela, and non-OPEC Russia and Oman.

Asked about a six- or a nine-month extension, Kuwait’s al-Marzouq said that “We are going to discuss it in the monitoring committee and we will come up with a recommendation to the ministerial conference.”

The Kuwaiti minister, whose country supports the nine-month deal extension, went on to add:

“From what I have heard, some of the press releases, the Iraqi and Iranian ministers have declared that they prefer six months.”

Iraq and Iran had given some form of support to the idea of extending the cuts, without committing to specific timeframes so far.

“For nine months not everybody [is] on board,” according to the Kuwaiti minister.

Related: OPEC’s No. 3: Deeper Cuts Are On The Table

However, following the meeting between Saudi Arabia’s Oil Minister Khalid al-Falih and Iraqi Oil Minister Jabar Ali al-Luaibi on Monday, OPEC’s no.1 and no.2 reportedly agreed the cuts need to be extended by nine months.

Iraq, which was a major holdout in the negotiations of the initial deal, has also been viewed as a potential stumbling block to a consensus on a nine-month extension of the cuts.

After the meeting with his Iraqi counterpart, al-Falih said that he did not expect any opposition in OPEC to a nine-month extension.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment

Leave a comment

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