Tag Archives: Khalid A Al Falih

OPEC members Libya and Nigeria were exempted from the supply cuts because unrest had curbed their output.

Short-term variations in supply won’t affect the long-term trend of declining inventories. Al-Falih said.

Crude prices fell about 4 per cent this week after US data showed a surprise 3.3 million barrel rise in crude inventories to 513.2 million barrels.

Both Moscow and Riyadh said cooperation would continue beyond the current agreement.

For all OPEC members. $55 [per barrel] and a maximum of $60 is the goal at this stage.

Russia maintains its oil-price outlook at $50 to $60 on average for this year.

Late last year. the 24 countries. including the OPEC and Russia. agreed to cut production by 1.8 million barrels per day in order to reduce global oil inventories.

Libya. along with Nigeria and Iran. was exempted from the original agreement.

Equatorial Guinea has been accepted as a new member of the Organization of the Petroleum Exporting Countries (OPEC).

The SPR sales would not start until October 2018 and would amount to just 95.000 bpd. or 1 percent of current U.S. output.