OPEC chief says oil producers may make extraordinary decisions in 2018

October 9, 2017 Off By Web Desk

Vienna (IINA) � The Organization of Petroleum Exporting Countries (OPEC) and other major producers may take “some extraordinary measures” next year to restore balance to the oil market, OPEC Secretary General Mohamed Snoussi Barkindo said on Sunday.

Barkindo told reporters at the Indian Energy Forum organized by Sera Wick in New Delhi that other oil producers could attend the OPEC meeting on November 30. He added that consultations were underway on the extension of the OPEC production reduction agreement beyond March 30, Reuters reported.

The agreement between OPEC, Russia and other producers ends a cut in output to about 1.8 million bpd in March. Barkindo said he was not worried about increased oil and shale gas production in the United States.

A committee of the Organization and independent producers will meet in Vienna on October 20 and all options will be on the table on the next step with regard to the agreement to cut oil production, an OPEC source was quoted as saying on Sunday.

Asked if the committee would discuss a possible extension of the deal, the agency said, quoting the unnamed source: “All options for the development of the agreement are under discussion.”

Source: International Islamic News Agency