Possible to Reach Output Cut by November

Possible to Reach Output Cut by November Gold Silver Reports — Possible to Reach Output Cut by November  — OPEC’s top oil producer Saudi Arabia said on Monday a global production deal to limit supplies could be reached by the group’s next formal meeting in November.

When an invitation to join cuts could be extended to non-OPEC nations such as Russia. “OPEC needs to make sure we don’t crimp too tightly and create a shock to the market. We are going to be very responsible,“ Saudi Arabia’s Energy Minister Khalid al-Falih told the World Energy Congress in Istanbul, adding that OPEC needed to behave in a balanced and responsible manner.Last month in Algiers, the Organization of the Petroleum Exporting Countries agreed modest oil output cuts.

The goal is to cut production to a range of 32.50-33.0 million barrels per day (bpd). OPEC’s current output PRODN-TOTAL is a record 33.6 million bpd.“We don’t want to give the market the wrong signal and shock the market’s prices,“ Falih said, adding he was optimistic that the deal could be reached next month. — Neal Bhai Reports

Possible to Reach Output Cut by November 


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