{"id":1391,"date":"2017-10-25T14:25:26","date_gmt":"2017-10-25T14:25:26","guid":{"rendered":"http:\/\/madaresharghi.com\/extraordinary-steps-may-be-needed-to-rebalance-oil-market\/"},"modified":"2017-10-25T14:25:26","modified_gmt":"2017-10-25T14:25:26","slug":"extraordinary-steps-may-be-needed-to-rebalance-oil-market","status":"publish","type":"post","link":"https:\/\/madaresharghi.ir\/en\/extraordinary-steps-may-be-needed-to-rebalance-oil-market\/","title":{"rendered":"Extraordinary Steps May Be  Needed to Rebalance Oil Market"},"content":{"rendered":"<p><a href=\"http:\/\/madaresharghi..com\">madaresharghi<\/a><br \/>\n<\/p>\n<p> \tOPEC and other oil producers may need to take \u201csome extraordinary measures\u201d next year to rebalance the oil market, the OPEC secretary-general said on Sunday.<br \/> \t\u201cThere is a growing consensus that &#8230; a rebalancing process is underway. We are gradually but steadily achieving our common and noble objectives,\u201d Mohammad Barkindo told reporters at the India Energy Forum organized by CERAWeek in New Delhi, Reuters reported.<br \/> \t\u201cTo sustain this into next year, some extraordinary measures may have to be taken in order to restore this stability on a sustainable basis going forward,\u201d he said without elaborating.<br \/> \tSaudi Arabia and Russia helped secure a deal between the Organization of Petroleum Exporting Countries and 10 rival producers to cut output by about 1.8 million barrels per day until the end of March 2018 in an effort to reduce a glut.<br \/> \tBarkindo said consultations were underway for the extension of the OPEC-led pact beyond March 2018 and that more oil producing nations may join the supply pact, possibly at the next meeting of OPEC in Vienna on Nov. 30.<br \/> \tHe also said that Nigeria and Libya, who are exempted from the pact, \u201care making progress towards full recovery\u201d of production, after which they could join the OPEC-led agreement.<br \/> \tOil futures fell more than 2% on Friday, ending Brent crude\u2019s longest multi-week rally in 16 months as oversupply concerns reappeared as producers have started hedging future drilling.<br \/> \tBut Barkindo said he was not worried about the rise in US shale oil and gas output.<br \/> \t\u201cIt is a big market and demand is very strong. Between the first half and second half this year, demand growth is almost about 2 million barrels per day, which is very robust,\u201d he said. \u201cSo everybody has a role to play.\u201d<br \/> \tOn Friday, Saudi Energy Minister Khalid al-Falih said he hoped to reach consensus with Russia and other major oil producers on the future of the deal before November\u2019s meeting.<br \/> \tFalih was speaking in Moscow two days after Russian President Vladimir Putin said it was possible that the supply reduction deal could run to the end of next year, although Russia has not made any commitment.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>madaresharghi OPEC and other oil producers may need to take \u201csome extraordinary measures\u201d next year to rebalance the oil market, the OPEC secretary-general said on Sunday. \u201cThere is a growing consensus that &#8230; a rebalancing process is underway. We are gradually but steadily achieving our common and noble objectives,\u201d Mohammad Barkindo told reporters at the [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[2,8],"tags":[639],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v15.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Extraordinary Steps May Be Needed to Rebalance Oil Market - madaresharghi | An Analytical Look at Middle Eastern Developments<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/madaresharghi.ir\/en\/extraordinary-steps-may-be-needed-to-rebalance-oil-market\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Extraordinary Steps May Be Needed to Rebalance Oil Market - madaresharghi | An Analytical Look at Middle Eastern Developments\" \/>\n<meta property=\"og:description\" content=\"madaresharghi OPEC and other oil producers may need to take \u201csome extraordinary measures\u201d next year to rebalance the oil market, the OPEC secretary-general said on Sunday. \u201cThere is a growing consensus that &#8230; a rebalancing process is underway. We are gradually but steadily achieving our common and noble objectives,\u201d Mohammad Barkindo told reporters at the [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/madaresharghi.ir\/en\/extraordinary-steps-may-be-needed-to-rebalance-oil-market\/\" \/>\n<meta property=\"og:site_name\" content=\"madaresharghi | An Analytical Look at Middle Eastern Developments\" \/>\n<meta property=\"article:published_time\" content=\"2017-10-25T14:25:26+00:00\" \/>\n<meta name=\"twitter:card\" content=\"summary\" \/>\n<meta name=\"twitter:label1\" content=\"Est. reading time\">\n\t<meta name=\"twitter:data1\" content=\"2 minutes\">\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebSite\",\"@id\":\"https:\/\/madaresharghi.ir\/en\/#website\",\"url\":\"https:\/\/madaresharghi.ir\/en\/\",\"name\":\"madaresharghi | An Analytical Look at Middle Eastern Developments\",\"description\":\"madaresharghi | An Analytical Look at Middle Eastern Developments\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":\"https:\/\/madaresharghi.ir\/en\/?s={search_term_string}\",\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/madaresharghi.ir\/en\/extraordinary-steps-may-be-needed-to-rebalance-oil-market\/#webpage\",\"url\":\"https:\/\/madaresharghi.ir\/en\/extraordinary-steps-may-be-needed-to-rebalance-oil-market\/\",\"name\":\"Extraordinary Steps May Be Needed to Rebalance Oil Market - madaresharghi | An Analytical Look at Middle Eastern Developments\",\"isPartOf\":{\"@id\":\"https:\/\/madaresharghi.ir\/en\/#website\"},\"datePublished\":\"2017-10-25T14:25:26+00:00\",\"dateModified\":\"2017-10-25T14:25:26+00:00\",\"author\":{\"@id\":\"https:\/\/madaresharghi.ir\/en\/#\/schema\/person\/c52e345120843d5f259215c4e809cdd2\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/madaresharghi.ir\/en\/extraordinary-steps-may-be-needed-to-rebalance-oil-market\/\"]}]},{\"@type\":\"Person\",\"@id\":\"https:\/\/madaresharghi.ir\/en\/#\/schema\/person\/c52e345120843d5f259215c4e809cdd2\",\"name\":\"administrator\",\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/madaresharghi.ir\/en\/#personlogo\",\"inLanguage\":\"en-US\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/901309319175b0d219e688b01909d220?s=96&d=mm&r=g\",\"caption\":\"administrator\"}}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","_links":{"self":[{"href":"https:\/\/madaresharghi.ir\/en\/wp-json\/wp\/v2\/posts\/1391"}],"collection":[{"href":"https:\/\/madaresharghi.ir\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/madaresharghi.ir\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/madaresharghi.ir\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/madaresharghi.ir\/en\/wp-json\/wp\/v2\/comments?post=1391"}],"version-history":[{"count":0,"href":"https:\/\/madaresharghi.ir\/en\/wp-json\/wp\/v2\/posts\/1391\/revisions"}],"wp:attachment":[{"href":"https:\/\/madaresharghi.ir\/en\/wp-json\/wp\/v2\/media?parent=1391"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/madaresharghi.ir\/en\/wp-json\/wp\/v2\/categories?post=1391"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/madaresharghi.ir\/en\/wp-json\/wp\/v2\/tags?post=1391"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}