Wednesday , June 28 2017

Gulf Arab oil producers reach deal to extend cuts

 

Bloomberg
Gulf Arab oil producers have reached an agreement about a possible extension of output cuts beyond June to reduce stockpiles of crude, Oman’s oil minister said. His Saudi Arabian counterpart confirmed that producers arrived at an initial deal on prolonging cuts. GCC countries agreed to push for an extension in a meeting, Oman Oil Minister Mohammed Al Rumhy said. GCC states are OPEC members Saudi, Kuwait, Qatar and UAE, in addition to Oman and Bahrain. GCC states are participating in a global 6-month agreement to reduce oil output that took effect in January.
The first three months of production cuts by the OPEC and other major producers have failed to to achieve a targeted reduction in inventories below their five-year historical average, Saudi Arabia’s Khalid Al-Falih said at a conference in Abu Dhabi, the UAE capital.

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Local workers control a gas valve at the FGSZ Natural Gas Transmission Closed Company Limited, in Vecses, some 20 kms from Budapest on January 14, 2009. EU leaders kept up pressure today on Russia and Ukraine to resolve their gas dispute after an attempt to resume transit supply failed to deliver gas to European consumers. Hungary's daily gas consumption amounts to 64 million cubic metres, made up of less than 50 million cubic metres received from the Hungarian storage units, more than eight million cubic metres flowing in from Austria, around eight million cubic metres from the country's own gas fields anf more than eight million cubic meters are sent into the Serbian and Bosnian networks. AFP / ATTILA KISBENEDEK (Photo credit should read ATTILA KISBENEDEK/AFP/Getty Images)

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