Oil producers join forces and cut production again

Oil producers join forces and cut production again

Oil producers join forces and cut production again

Minister of Economic Affairs Datuk Seri Mohamed Azmin Ali said this in a statement issued following the fifth Organisation of the Petroleum Exporting Countries (OPEC) and non-OPEC Ministerial Meeting in Vienna, Austria.

The unprecedented agreement forged among Opec and the 11 non-Opec producers, was for a concerted effort to stabilize the global oil market through voluntary production cuts of about 1.8 million barrels per day.

Preliminary reports show that in Thursday's meeting, the joint committee of Opec and non-Opec ministers have recommended another round of production cuts.

In order to put an end to crude oil prices, the organization of oil producing countries has agreed to cut the oil production. Following the announcement, Brent crude, the global standard, was up $2.79 a barrel, or 4.7 percent, at $62.85. In New York last night Brent was... "Saudi Arabia has a long-term goal of managing the oil market to avoid the sharp falls and spikes which hurt demand and the ability of the industry to develop supply".

Russian Energy Minister Alexander Novak also confirmed the combined output cuts and said the market would be oversupplied through the first half of the year.

He noted that Russian Federation has no impact on the OPEC but played a leading role in the agreement between members and non-members of the organization.

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In addition, while admitting that "many consumers are suffering from the high cost of energy", Falih said: "I take the opportunity to plead with consumer nations to take it easy on their own people with taxation", claiming that this was the main driver of prices at the pump. By some estimates, the US this year became the world's top crude producer.

One stumbling block to an agreement had been Iran, Saudi Arabia's regional rival and fellow OPEC member, which had been arguing for an exemption to any cuts because its crude exports are already being pinched already by USA sanctions.

"Those countries are Iran and Venezuela because of the sanctions and Libya because of the fact that unfortunately they are on and off", he added, alluding to the impact on Libyan production of continuing conflict there.

The cut is unlikely to be greeted warmly by U.S. President Donald Trump, who has been pressuring the cartel publicly to maintain production.

Mazrouei said the exemptions mean that the cuts introduced by other member-states are "going to be a bit higher than just the average for every one". "The World does not want to see, or need, higher oil prices!"

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