OPEC, non-OPEC meet on output hike sharing

OPEC, non-OPEC meet on output hike sharing

Dubai : An OPEC and non-OPEC technical committee will next week discuss proposals for sharing out an oil-output increase, sources familiar with the matter said, a tense topic for the producer group after it decided in June to ease supply curbs. A panel called the Joint Technical Committee will on Tuesday consider proposals on distributing the agreed output increase of 1 million barrels per day, the sources said.

“The talks will look at various mechanisms” to reach the required production level, a source said. If resolved, the talks could lead to an easing of tensions within the Organization of the Petroleum Exporting Countries. Iran had been against the June decision, which came amid pressure from US President Donald Trump to reduce oil prices. There are four proposals on how to distribute the increase, presented by Iran, Algeria, Russia and Venezuela, one of the sources said, suggesting agreement will not be straightforward.

One idea, to share it pro-rata among participating countries, is unlikely to be approved by Russia and Saudi Arabia since it would give them less than the supply boosts of 300,000 and 400,000 bpd that they respectively want, the source said. 7OPEC, Russia and other non-members agreed in June to return to 100 percent compliance with oil output cuts that began in January 2017. Months of underproduction in Venezuela and elsewhere had pushed adherence above 160 percent.

The June meeting concluded with a deep disagreement between Saudi Arabia and Iran, longtime rivals in OPEC. Saudi Arabia said the decision implied a reallocation of extra production from countries unable to produce more to those, such as Riyadh, that can. Iran, facing a forced cut in its oil exports because of U.S. sanctions, disagreed. The proposals will next be presented to ministers attending a monitoring meeting in Algeria on Sept. 23, sources said.




Workplace Happiness

Workplace Happiness

There is constant pressure to innovate and position products and services more creatively than ever before. Innovation and creativity are more likely to happen when employees are happy. Employees will not be happy if they have heightened states of on-going daily anxiety where they expect somethin

Coming soon to China: the car of the future

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Japan, China shares climb in thin holiday trade

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PSG title party delayed again

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Workplace Happiness

Workplace Happiness

There is constant pressure to innovate and position products and services more creatively than ever before. Innovation and creativity are more likely to happen when employees are happy. Employees will not be happy if they have heightened states of on-going daily anxiety where they expect somethin

Egyptians vote to “Do the right”

Egyptians vote to “Do the right”

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Thai Navy to remove bitcoin-rich couple’s sea home

Thai Navy to remove bitcoin-rich couple’s sea home

The Thai Navy will begin removing a “seastead” home built by an American bitcoin investor and his partner off the coast of Thailand, an official said yesterday, as the couple remains in hiding from charges accusing them of violating the country’s sovereignty. Chad Elwartowski an

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BAC plans ‘90 per cent Bahrainisation by 2021’

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Hindu temple foundation stone laid

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