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OPEC likely to exceed oil cut deal commitments in 2018

Saudi Oil Minister Khalid Falih as saying that OPEC members are likely to exceed their commitment under OPEC, non-OPEC oil production cut agreement in 2018, which currently stands at 1.2 million barrels per day. All 24 participants of OPEC, non-OPEC oil cut deal agreed at a meeting in Vienna earlier on Thursday to extend the agreement until the end of 2018.

Mr Falih said that “The decision has been unanimous, it has been solid, which many of you have been urging us to make, which is to roll over and extend the deal to December 2018.”

He added that “1.2 [million barrels per day] is likely to be exceeded in 2018, as I mentioned some countries are going to produce for their own reasons significantly less.”

The energy minister said that “Both countries told us and we documented it in the OPEC decision that 2018 levels will not exceed what they were able to achieve in 2017 so to the market there are no surprises to be expected from Libya and Nigeria.”
Source : REUTERS
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