Tag Archives: Essam Al Marzouq

The OPEC Russia deal for crude oil production cuts could extend beyond 2018.

Oil demand showed surprising growth in 2017.

The global agreement to limit production is making progress in re-balancing supply and demand for oil.

Russia. the largest producer outside the group. is keen to exit as soon as possible.

Under the current deal the producers are cutting supply by about 1.8 million barrels per day (bpd).

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

Both OPEC and non-OPEC members are expected to continue the cuts into 2018 to help keep prices rallying.

Iraq hired Japan’s Toyo Engineering to help build the project.

The current reduction deal is sufficient to achieve the desired purpose.

OPEC will discuss at a meeting in November whether to extend or end production cuts.