{"id":2077,"date":"2017-12-04T19:54:08","date_gmt":"2017-12-04T20:54:08","guid":{"rendered":"http:\/\/madaresharghi.com\/saudi-minister-no-easing-of-oil-cuts-until-market-balances\/"},"modified":"2017-12-04T19:54:08","modified_gmt":"2017-12-04T20:54:08","slug":"saudi-minister-no-easing-of-oil-cuts-until-market-balances","status":"publish","type":"post","link":"https:\/\/madaresharghi.ir\/en\/saudi-minister-no-easing-of-oil-cuts-until-market-balances\/","title":{"rendered":"Saudi Minister: No Easing of Oil Cuts Until Market Balances"},"content":{"rendered":"

madaresharghi<\/a>
\n<\/p>\n

\tOPEC and its allies outside the group will maintain their cuts in oil output until global production meets demand, Saudi Arabia\u2019s Energy Minister Khalid Al-Falih said.
\tThe Organization of Petroleum Exporting Countries and its partners agreed last week to extend the cuts until the end of 2018, a strategy that has boosted prices to near the highest level in more than two years.
\tNow the focus is shifting to how production will ramp up when the agreement expires, Bloomberg reported.
\t\u201cWe will not let go of our current approach until we reach a balanced market,\u201d Al-Falih said Monday at a news conference in Riyadh after meeting with US Energy Secretary Rick Perry. \u201cThere will be plenty of supply to respond to any need.\u201d
\tGlobal inventories have fallen since the production curbs took effect in January. By keeping 1.8 million barrels a day of cuts in place for an additional nine months, the oil producers aim to reduce stockpiles to their five-year average without overheating the market and eliciting a new surge in supply of shale oil.
\t\u201cThe outlook for when we will hit the balanced market will be clearer in June, and we will start thinking of what we will do in 2019,\u201d he said. \u201cThe intent is not overnight to open the taps and flood the market.\u201d
\tThere is still about 150 million barrels of \u201cinventory overhang\u201d that has to be drained and this number probably will not change much over the next four months due to \u201cseasonal stock build\u201d and increased output from US shale deposits, Al-Falih said.
\t\u201cThe world needs shale oil to play a role,\u201d he said, as shale is needed \u201cto meet some of the demand.\u201d
\tBenchmark Brent crude prices have rallied above $60 per barrel, raising concerns about a further spike in US shale oil output, which has been steadily climbing.
\tFalih said the expectation was that \u201cwe will not alter our course in the second half of the year,\u201d adding that this assumed there were no unexpected developments.
\tRussia, which this year reduced production significantly with OPEC for the first time, has been pushing for a clear message on how to exit the cuts to ensure the market does not flip into a deficit too soon, prices do not rally too fast and rival US shale firms do not boost output further.<\/p>\n

\t\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"

madaresharghi OPEC and its allies outside the group will maintain their cuts in oil output until global production meets demand, Saudi Arabia\u2019s Energy Minister Khalid Al-Falih said. The Organization of Petroleum Exporting Countries and its partners agreed last week to extend the cuts until the end of 2018, a strategy that has boosted prices to […]<\/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":[296,118,28,31,159,639,178,56,213,84,95,82,68,22,23,27],"yoast_head":"\nSaudi Minister: No Easing of Oil Cuts Until Market Balances - 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\/saudi-minister-no-easing-of-oil-cuts-until-market-balances\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Saudi Minister: No Easing of Oil Cuts Until Market Balances - madaresharghi | An Analytical Look at Middle Eastern Developments\" \/>\n<meta property=\"og:description\" content=\"madaresharghi OPEC and its allies outside the group will maintain their cuts in oil output until global production meets demand, Saudi Arabia\u2019s Energy Minister Khalid Al-Falih said. The Organization of Petroleum Exporting Countries and its partners agreed last week to extend the cuts until the end of 2018, a strategy that has boosted prices to […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/madaresharghi.ir\/en\/saudi-minister-no-easing-of-oil-cuts-until-market-balances\/\" \/>\n<meta property=\"og:site_name\" content=\"madaresharghi | An Analytical Look at Middle Eastern Developments\" \/>\n<meta property=\"article:published_time\" content=\"2017-12-04T20:54:08+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\/saudi-minister-no-easing-of-oil-cuts-until-market-balances\/#webpage\",\"url\":\"https:\/\/madaresharghi.ir\/en\/saudi-minister-no-easing-of-oil-cuts-until-market-balances\/\",\"name\":\"Saudi Minister: No Easing of Oil Cuts Until Market Balances - madaresharghi | An Analytical Look at Middle Eastern Developments\",\"isPartOf\":{\"@id\":\"https:\/\/madaresharghi.ir\/en\/#website\"},\"datePublished\":\"2017-12-04T20:54:08+00:00\",\"dateModified\":\"2017-12-04T20:54:08+00:00\",\"author\":{\"@id\":\"https:\/\/madaresharghi.ir\/en\/#\/schema\/person\/c52e345120843d5f259215c4e809cdd2\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/madaresharghi.ir\/en\/saudi-minister-no-easing-of-oil-cuts-until-market-balances\/\"]}]},{\"@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\/2077"}],"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=2077"}],"version-history":[{"count":0,"href":"https:\/\/madaresharghi.ir\/en\/wp-json\/wp\/v2\/posts\/2077\/revisions"}],"wp:attachment":[{"href":"https:\/\/madaresharghi.ir\/en\/wp-json\/wp\/v2\/media?parent=2077"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/madaresharghi.ir\/en\/wp-json\/wp\/v2\/categories?post=2077"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/madaresharghi.ir\/en\/wp-json\/wp\/v2\/tags?post=2077"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}