Opec must make deeper cuts to oil inventories | Arab News:
"Saudi Arabia and other Opec countries should resist any temptation to ramp up production in the wake of a partial recovery in the oil price and instead support deeper cuts to inventories to avoid another “massive” build up of stocks, an influential UK think-tank said on Wednesday, ahead of a crunch meeting of producers in Vienna today. In a report entitled “Opec’s hard choices,” the UK’s Oxford Institute of Energy Studies (OIES) said OPEC “should continue to pursue their current strategy of reducing the level of inventories. The job is not yet done. The faster this objective is achieved (which requires deeper cuts), the better position OPEC will be in.” OIES research fellow James Henderson told Arab News there was a strong argument for Saudi Arabia to test the price on the high side as there was “wide uncertainty” regarding a US shale response in the $60–$70 per barrel price range."
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