Very usefull links


News links




Dow Jones

Oil price



Views and News





CERAWeek: No decision on extending OPEC output cuts into 2019 - UAE min




By Marianna Parraga

Petroleumworld 03 05 2018

The Organization of the Petroleum Exporting Countries has not discussed “at this stage” extending production cuts into next year, the group's president said on Sunday, adding that reducing global crude supply inventories remained its focus.

Suhail Mohamed Al Mazrouei, the United Arab Emirates oil minister and OPEC's president, said in a brief interview ahead of the CERAWeek energy conference in Houston: “We feel there is still some market overhang.”

The group and allies agreed last year to cut combined output by about 1.8 million barrels per day to drain a global oil glut. The agreement began in January 2017 and runs through the end of this year.

Production cuts by the group and non-OPEC member countries led by Russia have helped stabilize oil prices mostly above $61 a barrel this year and any decision to phase out or extend the curbs would affect global prices.

Saudi Arabia said last week it hoped the agreement could be relaxed next year and followed by a permanent framework to stabilize oil markets after the deal expires.

“There are no talks about that (extending cuts into 2019) at this stage,” Mizrouei said.

Mizrouei also said the oil cartel last year discussed OPEC-member Venezuela's falling production and offered technical aid to help restore the South American country's output. Venezuela's oil production fell 13 percent in 2017 to a 28-year low of about 2.072 million bpd.

OPEC believes Venezuela will be able to rebuild its production, Mizrouei said.

The United States, Canada and Mexico recently formed a working group to address the potential impact on Caribbean nations of the U.S. restricting imports of Venezuelan crude. Caribbean countries received subsidized fuel and earn income from hosting oil storage and shipment facilities used by Venezuela's state-run PDVSA oil firm.



Story by Marianna Parraga; Editing by Daniel Wallis and Peter Cooney from Reuters /
03 04 2018

We invite all our readers to share with us
their views and comments about this article.
Write to

By using this link, you agree to allow PW
to publish your comments on our letters page.

Any question or suggestions,
please write to:

Best Viewed with IE 5.01+ Windows NT 4.0, '95,
'98,ME,XP, Vista, Windows 7,8,10 +/ 800x600 pixels





Editor & Publisher:Elio Ohep/
Contact Email:

CopyRight © 1999-2016, Paul Ohep F. - All Rights Reserved. Legal Information

PW in Top 100 Energy Sites

CopyRight©1999-2017, Petroleumworld ™  / Elio Ohep - All rights reservedThis site is a public free site and it contains copyrighted material the use of which has not always been specifically authorized by the copyright owner.We are making such material available in our efforts to advance understanding of business, environmental, political, human rights, economic, democracy, scientific, and social justice issues, etc. We believe this constitutes a 'fair use' of any such copyrighted material as provided for in section 107 of the US Copyright Law. In accordance with Title 17 U.S.C. Section 107, the material on this site is distributed without profit to those who have chosen to view the included information for research, information, and educational purposes. For more information go to: If you wish to use copyrighted material from this site for purposes of your own that go beyond 'fair use', you must obtain permission fromPetroleumworld or the copyright owner of the material.