Saturday, 18-August-2018 07:24
 
no comments in "Economy"
Economy
Thursday, 05-October-2006
Almotamar Net - Opec is considering holding an emergency meeting to discuss the possibility of cutting output, Nigerias oil minister has said.

(Reuters)- -
Opec is considering holding an emergency meeting to discuss the possibility of cutting output, Nigeria's oil minister has said.

"We are toying with the idea of an emergency meeting," Edmund Daukoru, who also serves as president of the Organization of Petroleum Exporting Countries, said on Thursday.

Other opec officials said on Thursday that "the direction and spirit are there" for the organisation, which pumps more than a third of the world's oil, to cut production as the US economy slows and rival producers bring new supplies to market.

Any reduction would aim to stem a price slide that has brought prices to just under $60 a barrel - 25% lower than prices were in mid-July, Opec trackers say.
The Financial Times newspaper reported on Thursday that Opec was poised to cut at least one million barrels, or four percent of daily production.

The 11-member organisation is due to meet in Nigeria on December 14 but some states, including Saudi Arabia, the world's biggest exporter, are already trimming supplies, shipping sources and customers have said.

Last week Nigeria, Opec's sixth biggest producer and Venezuela, the fourth biggest, announced token output cuts, totalling 170,000 barrels per day or less than one percent of Opec's output.

But since then oil prices have fallen further on rising US stockpiles, drawing the first reaction from Opec's core Gulf producers.

Gulf concerns

Sheikh Ali al-Jarrah al-Sabah, the Kuwaiti oil minister, raised the chance of broader action on Wednesday, saying that his country might also cut back if prices continued to fall sharply.

The Opec delegate said that while Saudi Arabia had not commented on the market so far, the fact that it raised the price of its heavier crude to Europe on Wednesday indicated the kingdom may be cutting supply.

Iran and Libya also support a cutback while the UAE is also likely to do so, the Financial Times newspaper reported on Thursday, quoting Opec insiders.

US oil prices have trebled in the space of four years, but are currently far below their mid-July peak of $78.40.

Andrew Harrington, a resource analyst at ANZ Bank, said: "Obviously, Opec has seen that the world economy can keep going at $65 to $75, so they don't see any reason why prices should fall too much further."

Conflicting signals

On Wednesday, Saudi Arabia's ambassador to the US reiterated the kingdom's long-standing view that there was an abundance of crude oil.

The price for Opec's own basket of crudes fell to $54.19 a barrel on Wednesday.

Opec members have sent conflicting signals on price.

Iran's oil minister said last month he wanted to see Opec oil at or above $60, equating to around $65 for US oil.

At the other extreme, Kuwait's oil minister said on Wednesday he would be worried by US oil at $50, putting the Opec basket at about $45.

More from "Economy"

Other titles:
Tuesday, 17-October-2017
The United Arab Emirates acknowledged on Tuesday that two of its pilots were killed when their military aggression plane crashed over Jawf province, a military official said

The official added that the aggressive crashed plane was an apache that was
Tuesday, 17-October-2017
Three citizens were killed and four others wounded in two Saudi air strikes hit Majza district of Saada province, an official said on Tuesday.

The strikes hit a citizen's car in al-Jamalah area in the district, the official added.
Tuesday, 17-October-2017
Artillery of the army and popular shelled a gathering of Saudi-paid mercenaries in al-Moqadra area in Serwah district of Marib province, a military official said on Tuesday.

Meanwhile, dozens of Saudi-paid mercenaries were killed and others injured in Wadi al-Theek in the district, the official added.
Monday, 16-October-2017
The army and popular forces carried out on Monday unique military operations in Taiz province.

A military official said that a number of Saudi-paid mercenaries were killed at the hands of the army and popular forces in al-Jazami Hill in al-Kadaha area in al-Ma'afer district.
Monday, 16-October-2017
A Saudi aggression fighter jet targeted a citizen's car driving in Fara area of Kutaf district in Saada province overnight, killing the driver and injuring his friend, a security official said on Monday.
Monday, 16-October-2017
The army artillery and popular committees launched a fierce attack on Saudi-paid mercenaries' sites in Jawf province, a military official said on Monday.

The attack destroyed a military vehicle belonging to the mercenaries and killed all on board in Sabran area in khab and shaaf district.
Sunday, 15-October-2017
Scores of Saudi enemy soldiers were killed and injured on Sunday when the army and popular forces repelled a Saudi military attempt to sneak into Shurfah site in the border province of Najran, a military official said.

The operation was accomplished successfully against the Saudi
Sunday, 15-October-2017
The army and popular committees have killed a total of 18 Saudi-paid mercenaries in sniper operations over the past hours in the central province of Marib, a military official said on Sunday.

Ten mercenaries were killed in Nehm district and eight others were killed in Serwah district, said the official.
Saturday, 14-October-2017
Saudi aggression warplanes have launched more than 49 airstrikes over the past hours on several residential areas across Yemen, a security official said on Sunday.
The airstrikes targeted the areas of Malahiz and Husama in Dhahir district, and areas Thuban, Masahif and Sdad in Bakim district of northern Saada province.
Thursday, 12-October-2017
The army and popular forces carried out an operation attack on Saudi-paid mercenaries' sites in al-Hawal area in Nehm district.

A local official said that the operation attack resulted in killing and injuring mercenaries, adding they also incurred heavy losses at their ranks

who we are     |    Advertising     |    contact us
All rights reserved © Almotamar Net, Developed by