Social and Events

OPEC is expected to stick to its current policy of output cuts in the second half of 2018.

At $60. the Kingdom and some other Gulf countries (though not Oman and Bahrain) will probably run a current account surplus for 2018.

The Declaration of Corporation’ by Opec and non-Opec participating countries gave hope and stability to the market at a very critical time.

Moscow agreed to contribute around 0.3 million bpd to the cuts and Russian state and private companies are sharing the burden on a pro-rata basis.

Nigeria would support an output cap for itself at 1.8 million b d and would continue to be responsible with its production.

Oil market was in a much better position than it was last year. which was a result of producers complying with the cuts.

OPEC members will discuss extension of the body'.s production cut plan to curb the global oil glut and rebalance the market.

Ten non-OPEC countries will attend the meeting of OPEC+ in Vienna on November 30 to discuss increasing the number of the deal’s participants.

Iran and Armenia have increased efforts to promote their mutual cooperation.

Maduro affirmed that the year 2018 will be a break from the oil model towards other economic sectors.