OPEC 'optimistic' oil output cuts leading to price recovery
Oil-exporting cartel OPEC is confident that production cuts agreed with non-members to prop up prices will lead to a recovery in the market, its chief said on Wednesday.
"We are optimistic that the policy measures we have taken already place us on the path of recovery," OPEC Secretary General Mohammad Sanusi Barkindo said at an energy forum in Abu Dhabi.
OPEC members agreed in November to cut production by 1.2 million barrels per day for six months beginning from the start of the year.
Some non-cartel producers, led by Russia, joined in December by committing to cut output by 0.558 million bpd.
The OPEC chief did not take a position on whether oil ministers from participating countries would extend the cuts when they meet in Vienna next month.
"These 24 countries, I believe, will take a decision that will be in the best interest of not only producers but also consumers and the global industry in general," he said.
OPEC and non-OPEC producers said after talks in Kuwait last month that they were looking into extending the output cuts, as compliance with the agreement has increased.
Barkindo said the joint action has put OPEC and other producers in the "driving seat" to dictate events instead of "reacting to market developments."
The cuts were agreed to help restore market stability "by addressing one variable, which is stock," he said.
Oil prices have dropped by around half since 2014 and currently hover just above $50 per barrel.
(Source: AFP)
Oil slightly down ahead of OPEC+ decision
Crude prices fall on possible ceasefire in Lebanon
Breaking up Google an option being considered by US, report shows
VIDEO | Yemeni forces repel US-British attack, down F-18 Jet
Iran’s capabilities vast; enemy’s ‘maximum pressure’ policies all failed miserably: Senior official
Iran’s economy grew 2.7% y/y in Sep quarter: CBI
VIDEO | Freelancers in Gaza strive to stay online amid genocide
Mikati demands Israel's withdrawal from south Lebanon
Yemeni army strikes Israeli military sites with drones
‘Clock ticking’: UNRWA slams unjustifiable killing of children in Gaza
BP to be sued in Britain for supplying oil to Israel
PressTV NEWSLETTER
now
This makes it easy to access the Press TV website
