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Post by
kmappon Jan 26, 2016 10:34am
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Saudis, Russia Seen by Iraq as More Flexible Oil-Output Cuts
Saudis, Russia Seen by Iraq as More Flexible Oil-Output Cuts Saudi Arabia and Russia, the world’s biggest oil producers, are now more flexible about cooperating to cut output as crude prices have fallen to levels that hydrocarbon-rich nations didn’t foresee, Iraq’s Oil Minister Adel Abdul Mahdi said.
“This flexibility should be finalized, and we should hear some solid suggestions coming from all parties,” Abdul Mahdi told reporters at a conference in Kuwait City. He didn’t give details about what the increased Saudi and Russian flexibility entailed, nor did he say how he knew about it.
OPEC’s 13 members didn’t expect prices to fall to $30 a barrel, and some are struggling, Abdul Mahdi said. Oil prices may rise to $50 a barrel in the second half this year, he said.
https://www.bloomberg.com/news/articles/2016-01-26/saudis-russia-seen-by-iraq-as-more-flexible-on-oil-output-cuts