Reuters :
OPEC and rival oil producers are meeting in Kuwait on Sunday to review their progress with a global pact to cut supplies and may discuss whether the agreement should be extended beyond June to help stabilize the market.
The Organization of the Petroleum Exporting Countries and 11 other leading oil producers including Russia agreed in December to cut their combined output by almost 1.8 million barrels per day (bpd) in the first half of the year.
The accord, aimed at supporting the oil market, has lifted crude LCOc1 to more than $50 a barrel. But the price gain has encouraged US shale oil producers, which are not part of the pact, to boost output.
OPEC Secretary-General Mohammed Barkindo is investigating whether the deal needs to be extended, Iraqi Oil Minister Jabar Ali al-Luaibi told reporters on Sunday before the meeting.
“The secretary-general of OPEC is making a comprehensive investigation, analysis, of the market … he may recommend an extension of the declaration and this will be seen by the next OPEC meeting (in May),” Luaibi said.
He said there were some encouraging elements that suggested the oil market was improving, and that if all OPEC members agreed measures to help price stability, Iraq would support such steps.
“Any decisions taken unanimously by members of OPEC … Iraq will be part of the decision and will not be deviating from this,” Luaibi said.
OPEC and rival oil producers are meeting in Kuwait on Sunday to review their progress with a global pact to cut supplies and may discuss whether the agreement should be extended beyond June to help stabilize the market.
The Organization of the Petroleum Exporting Countries and 11 other leading oil producers including Russia agreed in December to cut their combined output by almost 1.8 million barrels per day (bpd) in the first half of the year.
The accord, aimed at supporting the oil market, has lifted crude LCOc1 to more than $50 a barrel. But the price gain has encouraged US shale oil producers, which are not part of the pact, to boost output.
OPEC Secretary-General Mohammed Barkindo is investigating whether the deal needs to be extended, Iraqi Oil Minister Jabar Ali al-Luaibi told reporters on Sunday before the meeting.
“The secretary-general of OPEC is making a comprehensive investigation, analysis, of the market … he may recommend an extension of the declaration and this will be seen by the next OPEC meeting (in May),” Luaibi said.
He said there were some encouraging elements that suggested the oil market was improving, and that if all OPEC members agreed measures to help price stability, Iraq would support such steps.
“Any decisions taken unanimously by members of OPEC … Iraq will be part of the decision and will not be deviating from this,” Luaibi said.
