WeekAhead events

Page 1 of 1

May 25, 2017: OPEC ministers meet to mull extending surprising production cuts

AUSTRIA - Energy and oil ministers of the Organization of the Petroleum Exporting Countries (OPEC) will astonish experts a second time if they extend the deal for production cuts when they meet in Vienna.

At the 171st meeting, in November 2016, they agreed to cut production in 2017 by some 4.5 per cent – the first cut in eight years.

The first obstacle to the deal was the political and religious enmity of OPEC members Saudi Arabia and Iran. A second was winning the cooperation of non-OPEC members, primarily Russia.

Prices soared on the news, but the gains might not hold because of oversupply. Producers, taking advantage of the higher prices, are expected to pump as much oil as they can before the six-month deal comes into effect in January.

The New York Times, which reported on the meeting, points out that adherence is not a given. Three big and reliable gulf producers — Saudi Arabia, Kuwait and the United Arab Emirates — account for more than 60 per cent of the cuts. But the rest come from other producers who may not adhere as closely to their limits.

#21942 Published: 12/02/2016

Welcome to Graphic News

Please get in the habit of logging in when you arrive as some pages may soon be restricted. If you are new to Graphic News there is a Website Guide to help you find your way around.

November 24, 2017 — Ai2HTML screen graphics - The script has been updated to allow multiple screen graphics to be published on the same web page. Click here for instructions

November 24, 2017 — Training - mobile graphics- The GN AI2HTML method is very fast and easy. It allows designers with conventional design skills to produce responsive “mobile” friendly graphics to meet news deadlines. Contact helpdesk @ graphicnews.com if you would like to join our next training course.

If you need help or have questions at any time, please contact us