World news Bookmark and Share

26.05.2017 12:27
Oil Prices Down Despite Production Cuts Extension by March 2018
Saudi Arabia's energy minister, Khalid al-Falih, who co-chaired the oil producers' meeting in Vienna with his Russian counterpart Alexander Novak, said: "We considered various scenarios from six to nine to 12 months and we even considered options for higher cuts”

  • © Paul Lowry,

The price of oil has fallen by about 5%, despite oil-producing nations agreeing to extend production cuts for a further nine months.

Meeting in Vienna, energy ministers from both OPEC and non-OPEC countries agreed to maintain output curbs, due to expire next month, until March 2018, BBC reported.

Saudi Arabia's energy minister, Khalid al-Falih, who co-chaired the meeting with his Russian counterpart Alexander Novak, said: "We considered various scenarios from six to nine to 12 months and we even considered options for higher cuts”.

Data from Platts shows that Saudi Arabia is the OPEC country bearing the most of the cuts’ heft, reaching a 122-per cent compliance with cutting as much as 522,000 bpd.

Though several deal participants have complained at various times about the output estimates provided by secondary sources, these figures are considered by market watchers as more trustworthy for their independence, when compared with countries' self-reported numbers.

"We've have a good system of monitoring now," Russian energy minister Alexander Novak told reporters after the meeting. "I think the same sources will be continuously used in the future."

But investors had been hoping the oil producers would go further.

Brent crude fell $2.60 to $51.36 a barrel on Thursday, and was trading at $51.47 on Friday morning.

West Texas Intermediate slipped $2.58 to $48.78 a barrel on Thursday and had reached $48.82 on Friday.

TAGS: OPEC | production cuts | oil | oil price | energy | Vienna meeting | Saudi Arabia | Russia | Alexander Novak | Khalid al-Falih 

All world news

No published comments
Login to comment


17.09.2020  Boyana Achovski, General Secretary of the international organization Gas Infrastructure
In both short and long term, gas will continue being part of the energy mix of Southeastern Europe
Full text


No records in this category!

Poll asks: What will you use to heat your homes this winter?


We use cookies to ensure we give you the best browsing experience on our website. Find out more on how we use cookies and how you can change your settings.


What are cookies ?

A cookie is a small text file that a website saves on your computer or mobile device when you visit the site. Cookies are widely used in order to make websites work, or work more efficiently, as well as to provide information to the owners of the site.

How do we use cookies?

Website use Google Analytics, a web analytics service provided by Google, Inc. ("Google") to help analyse the use of this website. For this purpose, Google Analytics uses"cookies", which are text files placed on your computer.

The information generated by the cookies about your use of this website - standard internet log information (including your IP address) and visitor behaviour information in an anonymous form - will be transmitted to and stored by Google including on servers in the United States. Google will anonymize the information sent by removing the last octet of your IP address prior to its storage.

According to Google Analytics terms of service, Google will use this information for the purpose of evaluating your use of the website and compiling reports on website activity.

We not use, and not allow any third party to use the statistical analytics tool to track or to collect any personally identifiable information of visitors to this site. Google may transfer the information collected by Google Analytics to third parties where required to do so by law, or where such third parties process the information on Google`s behalf.

According to Google Analytics terms of service, Google will not associate your IP address with any other data held by Google.

You may refuse the use of Google Analytics cookies by downloading and installing Google Analytics Opt-out Browser Add-on. The add-on communicates with the Google Analytics JavaScript (ga.js) to indicate that information about the website visit should not be sent to Google Analytics.

Cookies are also used to record if you have agreed (or not) to our use of cookies on this site, so that you are not asked the question every time you visit the site.

Google Analytics Opt-out Browser Add-on

How to control cookies?

You can control and/or delete cookies as you wish. You can delete all cookies that are already on your computer and you can set most browsers to prevent them from being placed.

All about cookies

Managing cookies in your browser

Most browsers allow you to:
  • see what cookies you have got and delete them on an individual basis
  • block third party cookies
  • block cookies from particular sites
  • block all cookies from being set
  • delete all cookies when you close your browser

If you chose to delete cookies, you should be aware that any preferences will be lost. Also, if you block cookies completely many websites (including ours) will not work properly and webcasts will not work at all. For these reasons, we do not recommend turning cookies off when using our webcasting services.