BY CONTINUING TO USE THIS SITE, YOU ARE AGREEING TO OUR USE OF COOKIES. REVIEW OUR
COOKIE NOTICE

Register with us today

and in less than 60 seconds continue your access to: Latest news headlines Analytical topics and features Commodities videos, podcast & blogs Sample market prices & data Special reports Subscriber notes & daily commodity email alerts

Already have an account?

Log in to register

Forgot Password

Enter your Email ID below and we will send you an email with your password.


  • Email Address* Please enter email address.

If you are a premium subscriber, we are unable to send you your password for security reasons. Please contact the Client Services team.

If you are a Platts Market Center subscriber (https://pmc.platts.com), Please navigate to Platts Market Center to reset your password.

In this list
Oil

OPEC to review oil output cut deal, consider extension at Jun meeting: Kuwait oil minister

Oil | Crude Oil | Oil Risk

Washington sends mixed signals on Iran oil sanctions snapback

Crude Oil

Platts Wellscape GIS

Commodities | Electric Power | Metals

Battery Metals Conference, Inaugural

Oil

Libya's NOC lifts El Feel field force majeure; 50,000 b/d output to return within 2 days

OPEC to review oil output cut deal, consider extension at Jun meeting: Kuwait oil minister

Highlights

Industry players, upstream and downstream markets, refineries, midstream transportation and financial reports

Supply and demand trends, government actions, exploration and technology

Daily futures summary

Weekly API statistics, and much more

OPEC's next planned meeting in June will be a chance to review its oil production cut agreement, but the producer group will continue with cuts through 2018, Kuwait's oil minister Bakheet al-Rashidi said Monday.

Not registered?

Receive daily email alerts, subscriber notes & personalize your experience.

Register Now

While it will be discussed in June, a decision on whether to extend the deal into 2019, would be taken later this year, Rashidi told journalists on the sidelines of the Kuwait Oil and Gas Summit.

OPEC, which along with 10 non-OPEC allies led by Russia, is in the midst of a 1.8 million b/d production cut agreement, aimed at drawing down crude oil inventory levels and creating market stability, so that upstream investment can occur to meet the projected increases in demand.

Saudi Arabia and Russia are leading discussions on extending the OPEC/non-OPEC coalition's alliance.

OPEC secretary general Mohammed Barkindo, who was speaking at the same event, added that OECD commercial crude oil inventories had fallen to less than 50 million barrels over the five-year average, compared to around 340 million barrels in 2014. This trend was expected to continue in the coming months, he added.

Oman's oil minister Mohammed al-Rumhy, who signed up to the cuts as a non-OPEC producer, warned that the group should not consider its job done yet.

"We have not reached the steady state conditions yet and the game is not over. The uncertainty monkey is still on our shoulder and it's not the time to offload that," he said at the same conference.

--Adal Mirza, adal.mirza@spglobal.com
--Edited by Geetha Narayanasamy, newsdesk@spglobal.com