OPEC and its allies agreed on extending oil cuts for nine\nmore months, after many members of the producer group have endorsed a policy\naimed at boosting oil prices amid a weak global economy.<\/p>\n\n\n\n
Saudi Energy Minister Khalid al-Faleh said most OPEC members\nwould like to extend the deal for nine months. The deal is now subject to\napproval by non-OPEC allies at a meeting on Tuesday, as the Iraqi oil minister\nsaid he did not expect any complications.<\/p>\n\n\n\n
Earlier in the day, Iranian Oil\nMinister Bijan Zanganeh told reporters he had “no problem” in\nsupporting a nine-month supply cut. Tehran, OPEC’s third largest\nproducer before the re-imposing of US sanctions, had previously objected to\nSaudi Arabia’s policies.<\/p>\n\n\n\n
“It will be an easy meeting\nbecause my position is very clear,” Zangane told reporters in\nVienna, Austria. OPEC is due to discuss extension of oil production cuts during\nits meeting on Monday, ahead of a deal backed by\nother states such as Russia on Tuesday.<\/p>\n\n\n\n
The producer group and its allies have reduced oil\nproduction since 2017 to prevent falling prices amid rising output from the\nUnited States – which has become the world’s largest producer this, year before\nRussia and Saudi Arabia. The United States is not a member of OPEC and does not\nparticipate in the agreement. Washington has asked Riyadh to pump more oil to\ncompensate for a drop in exports from Iran after new sanctions have been\nimposed on Tehran over its nuclear program.<\/p>\n\n\n\n
Oil prices rose sharply as Brent crude traded at $66.28 a\nbarrel, up 2.4%. At the same time, US crude futures reached $59.95 a barrel, up\n2.5%.<\/p>\n\n\n\n
In a statement to reporters in Vienna on Sunday, Energy and\nIndustry Minister Suhail al-Mazroui said the\nextension of the deal reached in December last year, which called for a 1.2\nmillion bpd reduction in production,<\/p>\n\n\n\n
“In my opinion, the current market situation will\nrequire an extension,” Mazrouei said. The\nproduction cut-off agreement expired on Sunday. His remarks came after Russian\nPresident Vladimir Putin announced during the weekend that Russia had reached\nan agreement with Saudi Arabia to extend the oil production agreement for six\nto nine months.<\/p>\n\n\n\n
“We will support the extension,\nboth Russia and Saudi Arabia,” said Putin, who met Crown Prince\nMohammed bin Salman at the G-20 summit in Japan, said. “With regard to the length of the extension, we have not yet\ndecided whether it will be six or nine months, perhaps nine months.” Saudi\nEnergy Minister Khalid al-Falih said on Sunday it was likely to extend the deal\nfor nine months and no more cuts were needed.<\/p>\n\n\n\n
Asked about the possible extension of the G20 summit rather\nthan the meeting of OPEC and its allies, Al Mazroui\nsaid: “OPEC … is an organization that can veto any resolution, so every\nvote is important.”<\/p>\n\n\n\n
OPEC is about to collapse<\/strong><\/p>\n\n\n\n Iran’s oil minister criticized “unilateralism”\namong some members of the alliance, warning that it could eventually lead to\nthe collapse of the organization. Speaking to reporters in Vienna on Monday, Zanjana said: “The\nimportant thing for me is that OPEC remains OPEC, it has lost its authority and\nis about to collapse.” “Iran will not leave OPEC, but I think OPEC\nwill die if these operations continue,” Zanjana said, referring to\nthe Russian-Saudi resolution. “Tehran will not\nsupport a long-term cooperation pact between OPEC and the external parties that\nare supposed to be agreed upon this week,” he said.<\/p>\n","protected":false},"excerpt":{"rendered":" OPEC and its allies agreed on extending oil cuts for nine more months, after many members of the producer group have endorsed a policy aimed at boosting oil prices amid a weak global economy. Saudi […]<\/a><\/p>\n<\/div>","protected":false},"author":1,"featured_media":275,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[40,4],"tags":[93,90,42,50,77,36,34,114,120,48,24,33,41,44,43,95,72,45,109,121,81,115],"_links":{"self":[{"href":"https:\/\/skyeconomynews.com\/wp-json\/wp\/v2\/posts\/1264"}],"collection":[{"href":"https:\/\/skyeconomynews.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/skyeconomynews.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/skyeconomynews.com\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/skyeconomynews.com\/wp-json\/wp\/v2\/comments?post=1264"}],"version-history":[{"count":1,"href":"https:\/\/skyeconomynews.com\/wp-json\/wp\/v2\/posts\/1264\/revisions"}],"predecessor-version":[{"id":1265,"href":"https:\/\/skyeconomynews.com\/wp-json\/wp\/v2\/posts\/1264\/revisions\/1265"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/skyeconomynews.com\/wp-json\/wp\/v2\/media\/275"}],"wp:attachment":[{"href":"https:\/\/skyeconomynews.com\/wp-json\/wp\/v2\/media?parent=1264"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/skyeconomynews.com\/wp-json\/wp\/v2\/categories?post=1264"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/skyeconomynews.com\/wp-json\/wp\/v2\/tags?post=1264"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}