Tag Archives: Mohammed Barkindo

OPEC wants to develop a closer relationship with the U.S. shale industry.

Barkindo plans to meet with physical crude traders and oil hedge funds while he’s in Houston.

Non-OPEC states pledged to jointly reduce oil output by 558.000 barrels per day.

Global oil demand for 2018 is estimated to grow 1.6 million barrels per day.

OPEC’s cut has boosted oil prices. which in January topped $71 a barrel for the first time since 2014.

Demand for this year is expected to be good. if not better than 2017.

Last week. news emerged about preliminary plans to build a $20 billion complex to convert crude oil to chemicals.

OPEC and allied oil producers should extend their production cuts beyond March to help rebalance the market.

At least US$10bn of deals signed at flagship industry event. including Adnoc partnership with China’s state oil company.

Output cuts by OPEC and other producers such as Russia and Oman have started to pay off.