saudi arabia calls for oil producers
Last Updated : GMT 12:45:25
Emiratesvoice, emirates voice
Emiratesvoice, emirates voice
Last Updated : GMT 12:45:25
Emiratesvoice, emirates voice

to extend cooperation

Saudi Arabia calls for oil producers

Emiratesvoice, emirates voice

Emiratesvoice, emirates voice Saudi Arabia calls for oil producers

Minister Khaled al-Faleh
Muscat - Emiratesvoice

Top oil exporter Saudi Arabia called Sunday for extending cooperation between OPEC and non-OPEC producers beyond 2018, after a deal to cut output succeeded in shoring up prices.

The call, the first explicit invitation by Riyadh for long-term cooperation between oil producers, came with oil prices topping $70 a barrel thanks to the deal, after they dove below $30 a barrel in early 2016.

"We should not limit our efforts to 2018. We need to be talking about a longer framework for our cooperation," Saudi Energy Minister Khaled al-Faleh told reporters before a meeting between ministers of OPEC and non-OPEC countries in the Omani capital Muscat.

At the end of the meeting, attended by several OPEC and non-OPEC countries including the world's top producer Russia, Faleh said conformity levels were excellent.

He said that compliance level was 129 percent in December and was 107 percent for the whole of 2017.

The production cuts deal has removed two-thirds of the 330 million barrels of extra stocks that were on the market before the agreement, Faleh said.

He said improvement in the oil market will continue throughout this year and expected that "beyond 2018, we will continue to cooperate through these joint action mechanisms ... to avoid strong fluctuations that led to the oversupply glut".

Oil producers from inside and outside the Organisation of Petroleum Exporting Countries signed a landmark agreement in November 2016 to cut output by 1.8 million barrels per day to fight oversupply and lift sagging prices.

That deal was initially for six months, but the 14-member cartel and 10 independent producers have since extended it until the end of this year.

- 'We must not relax' -

Amid talk of exiting the deal at the end of the year, the Saudi minister said the agreement should be extended for an unspecified duration.

"I am talking about extending the framework that we started –- which is the declaration of cooperation... beyond 2018," Faleh told reporters.

Faleh however said the new framework for cooperation might differ from the current agreement and its production quotas.

"It does not necessarily mean sticking barrel by barrel" to the same agreement.

It would mean "assuring stakeholders, investors, consumers and the global community that (the agreement) is here to stay".

It would send the message that "we are going to work together not only with the 24 countries, but inviting more and more participants," he said.

Faleh said oil producers had not yet achieved their target of reducing world stocks to normal levels and striking a balance between supply and demand.

"That objective has not been achieved. We are not close to achieving it," said Faleh, adding that a rebalance is unlikely in the first half of 2018.

Russian Energy Minister Alexander Novak said oil producers should not ease off on their efforts despite the rebound.

"Despite the fact that progress is obvious, we must not relax. We are determined to carry through the rebalancing," Novak, whose country is the world's top crude producer, told reporters.

Novak held separate talks with Faleh on the sidelines of the Muscat meeting.

The Russian minister praised the outcome of the cuts deal.

"The market got on the way towards balancing and we jointly managed to reduce the surplus in stocks by more than half," Novak said.

- 'Consultations' -

But Novak but appeared less committed to the idea of establishing a permanent framework.

"As for efforts to coordinate joint actions on the oil market, the last year showed that this is a successful experiment," he told reporters, according to Russia's RIA Novosti news agency.

"I think that if necessary it can be used in the future too."

But "mutual action between OPEC and non-OPEC countries" could also continue after the end of the agreement in the form of "consultations", Novak added.

Omani Oil Minister Mohamed al-Rumhi said different arrangements could be discussed.

"By the end of this year, the stock level will be very small and it will be time to discuss different arrangements or agreements," he said.

Gulf states as well as many oil-producing nations have posted huge budget shortfalls since oil prices plummeted in mid-2014.

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

saudi arabia calls for oil producers saudi arabia calls for oil producers

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

saudi arabia calls for oil producers saudi arabia calls for oil producers

 



Emiratesvoice, emirates voice Skincare PR Performance Full Year 2017

GMT 08:36 2018 Monday ,22 January

Skincare PR Performance Full Year 2017
Emiratesvoice, emirates voice New hunt for flight MH370 gets under way

GMT 10:28 2018 Wednesday ,24 January

New hunt for flight MH370 gets under way
Emiratesvoice, emirates voice Modern colorful bedroom renovation

GMT 12:12 2017 Thursday ,21 December

Modern colorful bedroom renovation
Emiratesvoice, emirates voice Five Saudi women pilots granted GACA licences

GMT 15:04 2018 Thursday ,30 August

Five Saudi women pilots granted GACA licences
Emiratesvoice, emirates voice Turkey detains dozens more

GMT 10:11 2018 Wednesday ,24 January

Turkey detains dozens more
Emiratesvoice, emirates voice The Rake announces editorial updates

GMT 12:47 2018 Tuesday ,16 January

The Rake announces editorial updates
Emiratesvoice, emirates voice Europe brings on charm and blue skies

GMT 06:02 2018 Tuesday ,23 January

Europe brings on charm and blue skies
Emiratesvoice, emirates voice Sophisticated Classic Dining Room Design Ideas

GMT 12:15 2017 Monday ,18 December

Sophisticated Classic Dining Room Design Ideas
Emiratesvoice, emirates voice Arab Coalition Forces kill scores of Houthi commanders

GMT 12:46 2018 Thursday ,30 August

Arab Coalition Forces kill scores of Houthi commanders
Emiratesvoice, emirates voice Amazon to open first cashierless shop

GMT 05:18 2018 Tuesday ,23 January

Amazon to open first cashierless shop

GMT 19:57 2018 Tuesday ,23 January

Farm-fresh from Kerala to the UAE, in just one day

GMT 06:15 2018 Tuesday ,23 January

Volkswagen clinches record sales

GMT 09:54 2018 Wednesday ,24 January

'Friendly and kind' N. Korean skaters

GMT 11:22 2018 Tuesday ,23 January

to 'eternal style' of late Alaia

GMT 08:52 2018 Tuesday ,23 January

Louvre Abu Dhabi replaces Gulf map that omitted Qatar

GMT 17:01 2018 Thursday ,30 August

Television reporter killed in Mexico

GMT 10:05 2017 Sunday ,31 December

Salah shines as Liverpool down Leicester

GMT 11:05 2017 Tuesday ,31 January

US: Female Al-Qaeda combatants killed

GMT 06:49 2013 Monday ,12 August

Unique ways to green your outdoor

GMT 19:23 2014 Thursday ,13 February

Actor Chris Pine announced as face of Giorgio Armani

GMT 05:21 2013 Sunday ,23 June

Turkey's democracy faces a test of strength

GMT 10:40 2016 Thursday ,22 December

Attack-hit Berlin Christmas market to reopen

GMT 08:34 2017 Friday ,10 March

Hounded out: battle to save beloved British dogs

GMT 14:03 2017 Tuesday ,24 January

EasyJet expects bigger earnings hit from weak pound

GMT 08:06 2013 Saturday ,16 November

Ayoon wa Azan (Euro-Arab dialogue)

GMT 13:47 2016 Monday ,07 March

France's oldest nuclear plant to close 2016

GMT 14:07 2014 Friday ,19 December

When you lose weight, where fat go

GMT 11:11 2011 Thursday ,23 June

some half-million
Emiratesvoice, emirates voice
 
 Emirates Voice Facebook,emirates voice facebook  Emirates Voice Twitter,emirates voice twitter Emirates Voice Rss,emirates voice rss  Emirates Voice Youtube,emirates voice youtube  Emirates Voice Youtube,emirates voice youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

emiratesvoieen emiratesvoiceen emiratesvoiceen emiratesvoiceen
emiratesvoice emiratesvoice emiratesvoice
emiratesvoice
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
emiratesvoice, Emiratesvoice, Emiratesvoice