• 4 minutes China goes against US natural gas
  • 12 minutes WTI @ 67.50, charts show $62.50 next
  • 15 minutes Saudi Fund Wants to Take Tesla Private?
  • 56 mins Downloadable 3D Printed Gun Designs, Yay or Nay?
  • 1 hour Peak Oil is Now!
  • 5 hours Rattling With Weapons: Iran Must Develop Military To Guard Against Other Powers
  • 7 hours Russians hacking vs U.S., Microsoft President: Russians Targeting All Political Sides
  • 3 hours Corporations Are Buying More Renewables Than Ever
  • 13 hours VW Receives Massive Order Of 1,600 All-Electric Trucks
  • 21 hours Desperate Call or... Erdogan Says Turkey Will Boycott U.S. Electronics
  • 1 day CO2 Emissions Hit 67-Year Low In USA, As Rest-Of-World Rises
  • 1 day The EU Loses The Principles On Which It Was Built
  • 1 day Permian already crested the productivity bell curve - downward now to Tier 2 geological locations
  • 18 hours Batteries Could Be a Small Dotcom-Style Bubble
  • 1 day The Discount Airline Model Is Coming for Europe’s Railways
  • 1 day Starvation, horror in Venezuela
Libyan Oil Recovers, Exceeds 1 Million Bpd

Libyan Oil Recovers, Exceeds 1 Million Bpd

Libya’s oil output has once…

This Vital Oil And Gas Choke Point Could Be At Risk

This Vital Oil And Gas Choke Point Could Be At Risk

Tensions are escalating in the…

Zainab Calcuttawala

Zainab Calcuttawala

Zainab Calcuttawala is an American journalist based in Morocco. She completed her undergraduate coursework at the University of Texas at Austin (Hook’em) and reports on…

More Info

Saudi Oil Minister: Markets Will Not Rebalance By March

Riyadh

Saudi Oil Minister Khalid al-Falih said that international oil supply and demand will not be rebalanced by March, according to a new report by Reuters.

The current version of the deal by the Organization of Petroleum Exporting Countries (OPEC) to rebalance the oil market only lasts till March, so the cartel would have to agree on an extension during the November 30th summit to further the rebalancing act.

“We will decide in two weeks (on a possible extension). We’re in extensive consultations with all our colleagues around the world within and outside OPEC and we can’t make any statements at this stage until we get to Vienna in a couple weeks,” Falih said. “Everybody wants to call it the right way, but stay tuned and you’ll find out when I find out in Vienna.”

The OPEC countries and a slew of non-OPEC nations that are collaborating with the cartel are awaiting new production data from October to determine next steps.

“We will have better data in a couple of weeks, we’re waiting for October data to be fully developed and shared with the technical team,” Falih said. ”We’re also waiting for better projections of the fourth and first quarter which are typically lower demand and we will have picture of supply from sources that are not part of the deal. That will give us better predictions on when markets will balance as well as finishing the consultation.”

Asked whether Russia, which has vowed 300,000 bpd in cuts, was committed, Falih said: “I have had extensive consultations with my Russian colleagues and I will have some more in the next two weeks, but I know one thing is that the Russians are committed to working with Saudi Arabia and with the rest of the 24 countries that have come together last year.”

By Zainab Calcuttawala 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