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Thursday, November 26, 2020

Iraq and Gulf OPEC Question Whether to Keep Deep Oil Cuts into Next Year

The government of Iraq and Gulf OPEC producers Kuwait and the United Arab Emirates are debating whether they should roll over existing oil supply cuts into next year, as they struggle to stick to their agreed reductions.

The government of Iraq and Gulf OPEC producers Kuwait and the United Arab Emirates are debating whether they should roll over existing oil supply cuts into next year, as they struggle to stick to their agreed reductions.

OPEC and oil industry sources revealed these debates, pointing out that their hesitance raises the chances of reviewing output targets when the OPEC meets in November in order to decide on its production policy and could create more friction within the OPEC+ group that includes some allies.

Saudi Arabia, which is OPEC’s de-facto leader, and non-OPEC Russia are in favor of continuing with the current oil production cuts of around 7.7 million barrels per day into the year 202, rather than easing them by 2 million barrels per day from January as under the current pact.

“The countries are being suffocated with those cuts, it is very tough to continue with them next year too,” one of the OPEC sources told the press.

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