Tag Archives: Mohammed Barkindo

For the first time. the exhibition and conference will include the downstream petroleum industry.

OPEC noted that advances in internal combustion engines has also made them more efficient.

OPEC is seeking to achieve consensus agreement before a meeting on Nov. 30 about extending a global pact to curb oil production.

In fact. the threat to OPEC from U.S. shale oil just got more serious as it became clear that the cartel and its partners are planning to extend their own agreement until the end of 2018.

Each of the U.S. producers acting individually can only impact a fraction of a percentage of the world oil market.

In December 2016 in Vienna. 11 non-OPEC countries. including Azerbaijan. agreed to curtail oil output jointly by 558.000 barrels per day.

The agreement comes amid tensions over Kurdish claims to sovereignty with reports of armed clashes between Kurdish forces and Iraqi government troops.

Earlier. Barkindo said that in addition to production. it would be enriching also to look at other parameters such as export.

Crude oil in floating storage is declining. showing that the market is rebalancing.

Barkindo said consultations are under way for the extension of OPEC output cut deal beyond March 30. 2018.