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12
Volume
44
Issue
2
OAPEC Member Countries
AministerialcommitteecomprisingOPECand
non-OPEC countries agreed during its meeting
inMuscat,Oman, toextendanagreement tocut
crude oil production until the end of this year.
The committee members said in a statement
following their meeting that commitment to
an agreement to cut oil output by 1.8 million
barrels per day during December 2017 was up
to 129%; while monthly average was 107%.
The conveners expressed satisfaction
over the results during the first year of the
agreement and encouraged the countries
involved to put more efforts into stabilizing oil
markets. They saidoilmarket reactedpositively
to the agreement, which contributed to better
outcome for oil producers and consumers, as
well as, global economy.
The committee considered the strong
performance of the participating countries in
2017 as a beginning of a new year of fruitful
cooperation that will undoubtedly lead to
further success in 2018. The committee’s next
meeting will be held in Saudi Arabia in April
2018.
Committee Chairman, Saudi Energy,
Industry, and Mineral Resources Minister HE
Eng. Khaled Al Faleh said oil prices began to
recover due to the unprecedented cooperation
between OPEC and non-OPEC countries. He
added the two sides were in agreement to
continue production cuts beyond 2018, when
the deal expired or a new framework approved.
On his part, Kuwaiti Oil, Electricity, and
Water Minister HE Bakheet Al Rashidi said “in
terms of the current agreement, we have good
enough production levels until the end of this
year” adding “any further discussion on cuts
will be in June’s meeting.”
UAE’s Energy Minister HE Eng. Suhail Al
Mazroui expected a good commitment to
the agreement in December saying “we
expect shale oil to recover; and we don’t
underestimate that.” He added “I am not
worried about current oil price rates.”
OPEC:
EXTENDING OIL CUTS UNTIL END OF 2018