Gulf Oil and Gas accountACCOUNT

OPEC & Russia Agree Oil Cut Extension to End of 2018

Source: www.gulfoilandgas.com 11/30/2017, Location: Asia

OPEC and non-OPEC oil giant Russia agreed to extend production cuts until the end of 2018. The move was heavily telegraphed ahead of the decision, but the oil producers had earlier indicated they could exit the deal if they feel the market was overheating.

Russia needs much lower oil prices to balance its budget than OPECís leader Saudi Arabia, which is preparing a stock market listing for national energy champion Aramco next year and would hence benefit from pricier crude.

The deal to cut oil output by 1.8 million barrels a day was adopted last winter by the 14-member OPEC cartel, Russia and nine other global producers. The initial agreement was due to end in March 2018, having already been extended once.

Rather than extend the deal by nine months, the group was implementing a new deal that will last from January to December of 2018. The producers will review the deal at the next OPEC meeting in June to assess how it is impacting oil prices and global global crude stockpiles.

OPEC also decided to cap the combined output of Nigeria and Libya at 2017 levels below 2.8 million bpd. Both countries have been exempt from cuts due to unrest and lower-than-normal production.stock market listing for national energy champion Aramco next year and would hence benefit from pricier crude.

Production News in Russia >>

Egypt >>  1/13/2019 - The state-owned General Petroleum Company (GPC) said that its total production hit 97,400 barrels per day in the first half of the current fiscal year...
Thailand >>  1/8/2019 - KrisEnergy Ltd. (KrisEnergy), an independent upstream oil and gas company, announces that oil production has restarted at the Wassana field in the G10...

Norway >>  1/7/2019 - Equinor reports that in just a few months the support centres established to help create higher value, improve safety and reduce emissions from it's i...
United States >>  1/7/2019 - Danos has secured a contract with Equinor for production operation support on its Titan SPAR platform, located in the deepwater Gulf of Mexico. ...

Australia >>  1/4/2019 - Jadestone Energy has announced the completion of works required for the restart of production from the Montara oil field, following an extensive maint...
Nigeria >>  1/2/2019 - Total has started up production on December 29, 2018 from the Egina field, located in around 1,600 meters of water depths, 150 kilometers off the coas...

Related Categories: Camp Building  Cleaning Equipment, Services  Communication  Corrosion Products/Services  Development  Exploration  Food Supplies  General  Labor Services  Land & Leasing  Mine Clearance  Oil & Gas Companies  Production  Service Companies  Skilled Labors  Transportation, 4X4 Trucks  Unskilled Labors  Utility Systems  Waste Disposal  Water Supply Services  Welding Products/Services 

Related Articles: Camp Building  Cleaning Equipment, Services  Communication  Corrosion Products/Services  Development  Exploration  General  Labor Services  Land & Leasing  Mine Clearance  Oil & Gas Companies  Production  Service Companies  Transportation, 4X4 Trucks  Utility Systems  Water Supply Services  Welding Products/Services 


Russia Oil & Gas 1 >>  2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | 15 | 16 | 17 | 18 | 19 | 20 | 21 | 22 | 23 | 24 | 25 | 26 | 27 | 28 | 29 | 30 | 31 | 32 | 33 | 34 | 35 | 36 | 37 | 38 | 39 | 40 | 41 | 42 | 43 | 44 | 45 | 46 |

More News

Related Links

Gulf Oil and Gas
Copyright © Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.