GulfBase Live Support
UAE has cut up to 10 per cent of their oil exports in the last two months in accordance with the Opec agreement on output cuts, energy minister Suhail Al Mazroui said on Monday.
“UAE compliance is 100 per cent and we announce cuts every month. As an extra assurance we are notifying out customers and markets,” Al Mazroui said in Abu Dhabi.
“The level of compliance is continuing to be good for the year.” When asked whether the oil producing countries are planning to extend the output cut agreement beyond March next year, he said it would be decided at the ministerial meeting to be held in Vienna at the end of November.
“We have to decide when we meet whether we are extending time or we are including some of the countries that are not included. This would be addressed at the meeting. We have to discuss it.”
In December last year, the Organisation of the Petroleum Exporting Countries (Opec) and other producers including Russia, Mexico and Kazakhstan, reached a deal to reduce output by about 1.8 million barrels a day to eliminate a global surplus that was depressing oil prices. The agreement, which initially called for a six-month period, was later extended by another nine months to the end of March 2018. Libya and Nigeria are exempt from the agreement. Al Mazroui also said they will achieve below five year average of global oil reserves by next year.
Opec and its allies held further discussions about changing the way they measure the impact of their production cuts, including proposals that would affect how quickly they hit their target, accordin
Oil prices edged up on Tuesday, lifted by geopolitical tensions, although rising output in the United States and shaky stock markets put a lid on further gains. US West Texas Intermediate (WTI) crude
Oman Daily Observer
Oil slipped as US explorers resumed their drilling binge, raising concerns over whether output cuts by Opec and its allies will be enough to clear a glut despite a pledge from Russia that it’s commit
Oil held above $61 (Dh223.87) a barrel, paring the weekly loss, as investors weighed surging US crude production against a warning from the International Energy Agency of an impending shortfall in gl
Oman’s crude oil and condensate production for February 2018 reached 27,075,580 barrels, with a daily average of 966,985 barrels, according to the monthly report issued by the Ministry of Oil and Gas
Times of Oman