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Sunday, 26 March 2017

More Oil Producers Call to Roll Over Output Cuts Beyond June - Bloomberg

More Oil Producers Call to Roll Over Output Cuts Beyond June - Bloomberg:

"Venezuela, Iraq and Oman added their support for a possible extension of global oil-production cuts beyond June as momentum builds among OPEC members and other crude producers to prolong the strategy to re-balance the market and prop up prices. Oil minsters for the three countries commented on Sunday, a day after Algeria’s Energy Minister Noureddine Boutarfa called for an extension because he said the strategy is succeeding in paring global inventories. The ministers are meeting in Kuwait City to discuss compliance with the pledged reductions. So far, five OPEC members, including Kuwait and Angola, have backed an extension of the cuts. “We are ready to support” prolonging the six-month deal, which took effect in January, Venezuela’s Oil Minister Nelson Martinez told reporters on Sunday before the meeting. “It does make sense to extend the agreement for another six months -- maybe at least,” said his Omani counterpart, Mohammed Al Rumhy. Oman, unlike Venezuela, isn’t a member of the Organization of Petroleum Exporting Countries."



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