OPEC holds off on further output cuts


CGTN Africa

Published on Jul 11, 2017

No further oil output cuts are on the agenda for the July meeting of the ministerial committee set up to monitor compliance with the OPEC-non-OPEC deal. The comments follow an exciting week in terms of OPEC news. First, Russia said it sees no need for deeper cuts. Then Alexander Novak said Moscow is ready to take part in a revision of the deal if necessary. This sparked hopes that deeper cuts may indeed be an option to consider. The monitoring committee will meet on July 24 in Russia to discuss the progress of the deal. Meanwhile, it seems that OPEC is thinking of putting a ceiling on the crude oil outputs of Libya and Nigeria. This as rising production from these two OPEC producers exempt from the cuts is further complicating the cartel’s efforts to draw down oversupply and boost oil prices.

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