8,005 Active Recruiters     Over 2 Million Candidates Globally

  1. Keep me logged in
  2. forgot password

Checkout Jobs Basket (0)

You can checkout a maximum of 150 jobs.

Signup Better for Candidates

  • Create a free virtual CV and let recruiters find you
  • Automatically have your profile matched to suitable Oil & Gas positions
  • Link to your profile using it as a free online CV
  • Store all your employment documents to your profile for easy sending
  • Always receive feedback on positions applied for

Signup Better for Recruiters

  • Advertise Oil and Gas jobs for free
  • Suitable candidates automatically matched to your position
  • View candidate profiles for free
  • No more waiting for candidates to respond to job advertisements
  • Only ever pay when you match a candidate to a position
  • No more cold calling and sorting through out dated CVs

Major Oil Producers Reach Initial Deal to Extend Output Cuts

Published in Oil Industry News on Friday, 21 April 2017

Graphic for News Item: Major Oil Producers Reach Initial Deal to Extend Output Cuts

A number of major crude-producing countries reached an initial agreement to extend output cuts, Saudi Arabia’s oil minister said Thursday, as persistently high stockpiles weigh on prices.

OPEC and other major suppliers have failed, after three months of limiting production, to achieve their target of reducing oil inventories below the five-year historical average, Saudi Arabia’s Khalid Al-Falih said at a conference in Abu Dhabi. The producers pledged to reduce output for six months starting in January. Al-Falih didn’t identify or specify the number of countries in the initial deal for an extension.

“Although there is a high level of commitment, we haven’t reached our goal, which is to reach the five-year average,” Al-Falih said. “There is an initial agreement that we might be obligated to extend to get to our target.” Countries participating in the cuts have yet to reach a consensus on prolonging their agreement into the second half of the year, and an extension wouldn’t necessarily be for an additional six months, he said.

OPEC and other producers including Russia agreed in December to pump less oil in an effort to counter a global glut. Output shows signs of rebounding in the U.S., where explorers have added rigs for the past 13 weeks, data from Baker Hughes show. OPEC will decide at a meeting on May 25 whether to prolong its pledged cuts into the second half, the group’s Secretary-General Mohammad Barkindo said Wednesday in Abu Dhabi, the U.A.E. capital.

Brent crude has gained about 15% since OPEC decided to pare output, and the benchmark grade was $0.54 higher at $53.47/bbl in London.

Gulf Cooperation Council countries agreed to push for an extension of cuts in a meeting on Wednesday, Oman Oil Minister Mohammed Al Rumhy said in an interview in Abu Dhabi. The GCC comprises OPEC members Saudi Arabia, Kuwait, Qatar and the United Arab Emirates, as well as Oman and Bahrain. GCC states are participating in the current deal to cap output.

Iran and Venezuela, both members of OPEC, have expressed support for an extension of the production cuts, Al Rumhy said. Iran’s oil minister made a commitment to freeze output at 3.8 MMbpd for the rest of the year on the assumption the cuts are extended beyond June, Kuwait Oil Minister Issam Almarzooq told reporters in Abu Dhabi.

OPEC and Russia haven’t reached a final agreement on extending output limits, Almarzooq said. Russia is likely to support an extension, a Bloomberg analyst survey shows.

Source: www.worldoil.com

Please leave comments and feedback below


Global Oil and Gas, World Bank Oil and Gas, Global Oil Supply, OPEC Oil and Gas, Oil and Gas News

Oil and Gas News Archive

Latest Oil & Gas News

Featured Companies

  • View All JobsNOVATEK

    NOVATEK is one of the largest independent natural gas producers in Russia.

    Engaged in the exploration, production, processing and marketing of natural gas and liquid hydrocarbons, NOVATEK have 20 years of operational experience in the Russian oil and natural gas sector.

    Visit us online: www.novatek.ru/en/

  • View All JobsChronos Oil and Gas

    Chronos Oil and Gas is one of the fastest growing and best placed recruitment agencies in the sector.

    With over 300,000 candidates on our database and an international team of specialist recruiters we work with clients to staff major projects around the world.

    Register your CV at www.chronosoilandgas.com

  • View All JobsNatural Resources

    Natural Resources is a UK based recruitment company providing personnel of all disciplines and nationalities worldwide.

    We represent clients and candidates at all levels who operate globally within oil & gas, renewables, nuclear, power, mining, marine, drilling, construction and petrochemicals. Our client base includes energy and construction.

    Visit Natural Resources at natural-resources.com