ENERGY To prop up oil prices, producers begin to weigh cuts Major oil producers meeting in Abu Dhabi, United Arab Emirates, on Sunday signaled that they were considering once again changing course and cutting production. But the group, which included the Saudi oil minister, Khalid al-Falih, and his Russian counterpart, Alexander Novak, did not make any firm decisions.
Major oil producers said Sunday that crude supply next year would outstrip demand, calling for new strategies based on production adjustments. Khalid al-Fa
: THE BUSINESS TIMES Energy & Commodities - [ABU DHABI] Major oil producers said Sunday that crude supply next year would outstrip demand, calling for new strategies based on production adjustments.. Read more at The Business Times.
ABU DHABI (REUTERS) - Saudi Arabia plans to reduce oil supply to world markets by 0.5 million barrels per day in December, its energy minister said on Sunday (Nov 11), as the Opec power faces uncertain prospects in its attempts to persuade other producers to agree a coordinated output cut.. Read more at straitstimes.com.
Among those attending were Russian Energy Minister Alexander Novak, Oman's Oil Minister Mohammed al-Rumhi and the energy minister of host UAE Suheil al-Mazroue.
Saudi Arabia said it will trim oil exports by 500,000 barrels per day in December, as major producers met Sunday to consider cuts to shore up sagging prices.
Khalid al-Falih told reporters that Saudi Aramco’s customer crude oil nominations would fall by 500,000 bpd in December versus November due to seasonal lower demand. The cut represents a reduction in global oil supply of about 0.5 percent. Saudi Arabia has increased output by just about 1 million bpd
"There is no consensus yet among oil producers about cutting production," said Saudi Energy Minister Khalid al-Falih.