Tuesday, October 10, 2017

It is unlikely that OPEC members reduce production - oil minister of Nigeria

It is unlikely that OPEC members reduce production - oil minister of Nigeria

It is unlikely that OPEC member countries will reach an agreement on reducing production, said Minister of Petroleum of Nigeria Emmanuel Kachikvu.

"On the reduction of OPEC production of optimism on my part rather weak"- he wrote on Twitter.

Meanwhile, analysts JPMorgan express "moderate optimism" against freezing cartel production. In their view, Saudi Arabia is likely to be more compliant with other manufacturers on the reduction of production at the upcoming meeting of OPEC, Bloomberg reported.

Saudi Arabia can support measures to strengthen the world market prices above the current level, this development became more realistic, given the size of the country's budget deficit, experts say. In the face of a slowing increase in oil demand and sustained high fuel stocks in the world it is reasonable to pursue a coordinated policy.

Emirates NBD analyst Edward Bell also considers it unlikely that an informal meeting of the OPEC and other oil-producing countries in Algiers any specific policy decisions will be taken in September.


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