Cooperation between the Organization of Petroleum Exporting Countries (OPEC) and non-cartel countries, among them Russia, will continue beyond 2018 and may lead to new actions, if necessary, said OPEC president, Mr. Mazrouei, this Tuesday. According to him, Russia has assured the group that it intends to continue to contain its production until the end of the current agreement.
In November, OPEC and ten countries outside the cartel renewed a production cut agreement throughout this year. But there has been some doubt that Russia, the largest global oil producer, will continue with the long-term effort.
To the press, Mazrouei, also the Minister of Energy of the UAE, said that there is a "consensus to explore cooperation" after the end of the current agreement, at the end of this year. Although the form of cooperation is still under discussion, OPEC president said the group has "potential to continue monitoring the market and adopting actions when necessary". According to him, coalition members discuss how to "promote investment in the sector among themselves."
Mazrouei also denied that Moscow is reluctant to continue to agree to cuts in production. According to him, the Russian energy minister, Alexander Novak, reaffirmed his commitment to recent meetings in Saudi Arabia and Oman.
OPEC's authority stated that cutting oil production has worked, but it has not reached the goal of bringing stocks to the average of the last five years. According to the minister, we need to cut another 74 million of barrels of global inventories so that the average is reached.
Mazrouei also said that it is premature to talk about the oil market in 2019. On the shale, he claimed not to see as a threat, but a complement in the sector. Source: Dow Jones newswires. Source: This is money.
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