OPEC producers to agree on new output control mechanism

Mubasher: Members of the Organization of Petroleum Exporting Countries (OPEC) and a group of oil exporters are expected to reach an agreement on a new mechanism to control crude production by the end of 2018, Kuwait’s oil minister Bakhit Al-Rashidi has said.

A committee formed by OPEC and non-OPEC members will review crude output during their meeting in Algeria next month, Reuters reported on Wednesday, citing the Kuwaiti minister as saying.

Iran has requested to attend the meeting to discuss the impact of the US sanctions on its market share, the international news agency revealed.

Following the end of an agreement to cut oil output, OPEC and non-member producers including Russia have agreed to push up production in July, which – according to Saudi Arabia – would allow oil countries to increase their production and make up for shortfalls.

Mubasher Contribution Time: 22-Aug-2018 11:00 (GMT)
Mubasher Last Update Time: 22-Aug-2018 11:08 (GMT)