UAE Oil Minister: Too Early To Say If OPEC Deal Should Be Extended

It is still too early to say if the oil supply deal should be extended beyond its original six-month period at the end of the first half this year, the oil minister of the United Arab Emirates (UAE) said on Wednesday. After OPEC and 11 non-OPEC producers decided to cut supply by almost 1.8 million bpd to prop up prices and speed up the oil market rebalancing, Suhail bin Mohammed al-Mazroui, the oil minister of OPEC’s no.4 largest producer, said that the oil market needs competition, Reuters reports, quoting the minister as speaking at an…

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UAE Oil Minister: Too Early To Say If OPEC Deal Should Be Extended

It is still too early to say if the oil supply deal should be extended beyond its original six-month period at the end of the first half this year, the oil minister of the United Arab Emirates (UAE) said on Wednesday. After OPEC and 11 non-OPEC producers decided to cut supply by almost 1.8 million bpd to prop up prices and speed up the oil market rebalancing, Suhail bin Mohammed al-Mazroui, the oil minister of OPEC’s no.4 largest producer, said that the oil market needs competition, Reuters reports, quoting the minister as speaking at an…

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UAE Oil Minister: Too Early To Say If OPEC Deal Should Be Extended

It is still too early to say if the oil supply deal should be extended beyond its original six-month period at the end of the first half this year, the oil minister of the United Arab Emirates (UAE) said on Wednesday. After OPEC and 11 non-OPEC producers decided to cut supply by almost 1.8 million bpd to prop up prices and speed up the oil market rebalancing, Suhail bin Mohammed al-Mazroui, the oil minister of OPEC’s no.4 largest producer, said that the oil market needs competition, Reuters reports, quoting the minister as speaking at an…

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UAE Oil Minister: Too Early To Say If OPEC Deal Should Be Extended

It is still too early to say if the oil supply deal should be extended beyond its original six-month period at the end of the first half this year, the oil minister of the United Arab Emirates (UAE) said on Wednesday. After OPEC and 11 non-OPEC producers decided to cut supply by almost 1.8 million bpd to prop up prices and speed up the oil market rebalancing, Suhail bin Mohammed al-Mazroui, the oil minister of OPEC’s no.4 largest producer, said that the oil market needs competition, Reuters reports, quoting the minister as speaking at an…

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Nigeria To Track Oil Output, Sales To Prevent Theft

In a bid to prevent oil thefts and curb revenue losses, Nigeria will start tracking this year the volume of its crude oil output and sales volumes and destinations, oil minister Emmanuel Ibe Kachikwu said in an address on the 2017 outlook for Nigeria’s petroleum sector. “This year, we are going to commit to try tracking our oil so that from the moment one molecule is produced to the time it is sold and where it is sold, we will be able to track that and if we do that, we envisage billions of dollars in savings for the federal government,”…

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