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OPEC prepared to call "extra meeting" as oil spill



Just a couple of weeks after OPEC and its partners agreed to implement another production cut, the cartel is ready to extend these cuts, as international prices continue to fall.

Reuters reports, with reference to the UAE oil minister, that OPEC is ready to call an extra meeting when it goes into "whatever it takes" mode again.

Earlier this month, OPEC, Russia and nine more producers agreed to reduce their combined oil production by 1.2 million barrels daily, with OPEC's 800,000 bpd sharing. However, the news failed to impress on a market worried about global economic growth and consequently the demand for crude oil.

At a press conference in Kuwait, the UAE's Suhail al-Mazrouei said it would not be a problem for the cartel to extend the period of cuts, originally set to four months, starting in January.

"What if 1

.2 million barrels of cut is not enough? I say that if it is not, we will meet and see what is enough and we will do it," Mazrouei says and adds. cut oil production) is well studied but if it does not work, always have the authority in OPEC to call an extra meeting.If we are obliged to extend for another half month, we will do so … I can assure you that an extension will not be a problem. "

While OPEC's mood seems to be worried, Argus Media expects oil prices to stabilize in early 2019 when the cuts come into force. CNBC reports, referring to the supplier of energy data, that it sees the Brent commodity on average 65 US dollars per barrel in the first quarter of 2019 and rises to US $ 68 per barrel in the second quarter and on to the low 70's in the third quarter of 2019 .

By Irina Slav for Oilprice.com

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