NEWS
Oil  

Kuwait Says May Back Extension of OPEC-Led Cuts

Kuwait will back an extension of OPEC-led production cuts beyond June if it's clear supply and demand factors warrant it, Haitham al-Ghais, Kuwait Petroleum Corp's manager for market research and the country's OPEC governor, said Wednesday.

"There are many moving parts and elements in the equation that we need to closely monitor, both on the demand side and the supply side," Ghais said on the sidelines of the Middle East Petroleum & Gas Conference in Dubai, spglobal.com reported.

In terms of macroeconomic factors potentially impacting demand, Ghais mentioned the possibility of a hard Brexit along with uncertainty about the outcome of the China-US trade talks. 

On the supply side, escalating military tensions in Libya and uncertainty around US sanctions on OPEC members Iran and Venezuela cloud the outlook, he said.

"The situation in Venezuela is very tense and the situation in Libya is escalating so we do not know what is going to be the outcome there," Ghais said.

"And on the demand side, we don't know what the implications are on demand if the China-US trade war doesn't get resolved. These are things that I think will be more clear by the time of the May JMMC [Joint Ministerial Monitoring Committee] meeting in Jeddah, and hopefully even clearer by the time we meet in June."

"For us as a group of producers, both OPEC and non-OPEC, we want to make decisions based on hard facts. We don't want to make any decisions based on speculation."

News No: 4312
Date: 2019/04/11 - 14:01
News Source: Financial Tribune

Kuwait  OPEC  Middle East  JMMC  trade war 

Comments:

Leave a Comment:

   
   
   
 

Kuwait releases Iranian vessel after 10 months

An Iranian vessel used in oil and gas industry which had been seized by Kuwait Coast Guard, was released on Sunday after 10 months.
 

Iranian Knowledge-Based Company Produces Calcium-Based Alloys Used in Car Industry

Iranian experts working for a knowledge-based company managed to produce calcium-based alloys with applications in auto industry.
 

Iran to Offer 2mln Barrels of Condensate on Energy Bourse

The National Iranian Oil Company (NIOC) announced on Sunday that it is due to offer 2 million barrels of gas condensates in the international ring of the Iran Energy Exchange (IRENEX) on Tuesday in a move to bypass Washington’s unilateral sanctions against Tehran.
 

Iran to Offer 2mln Barrels of Condensate on Energy Bourse

The National Iranian Oil Company (NIOC) announced on Sunday that it is due to offer 2 million barrels of gas condensates in the international ring of the Iran Energy Exchange (IRENEX) on Tuesday in a move to bypass Washington’s unilateral sanctions against Tehran.
 

Iran, Syria to Jointly Manufacture Car

An Iranian sedan, branded as Shaam, the Arabic word for Levant, will be jointly manufactured with Syria, according to a new agreement signed on Wednesday by Iran's Labor Minister Mohammad Shariatmadari and Syrian Social Affairs and Labor Minister Rima al-Qadiri.
 

Envoy to EU: Russia to Continue Trade with Iran with No Need to INSTEX

Russia will ignore US sanctions against Iran and continue to trade with the Middle Eastern nation without creating any special mechanisms, Russian Permanent Representative to the European Union Vladimir Chizhov stated.
Upcoming Events
Publications
 Mines & Metals

Mine & Business Today

 Scrap & Recycling

Ahangan

Our partners