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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”
AUTHOR: publics.bg


  • © Paul Lowry, flickr.com

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 


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