By November 21, 2018 0 Comments Read More →

OPEC Very Likely To Agree To Oil Production Cuts

OPEC will very likely agree to cut oil production at its upcoming meeting in early December, although the size of the cuts is yet to be decided, Ahmed al-Kaabi, Governor for OPEC of the United Arab Emirates (UAE), told the local Al Bayan newspaper on Tuesday.

The OPEC-Non-OPEC Joint Ministerial Monitoring Committee (JMMC) is still assessing the state of the oil market and will share with the group its findings before the meeting in Vienna on December 6-7, al-Kaabi added.

The UAE is committed to comply with any decision of OPEC, the official noted.

Two weeks before the meeting of the OPEC and non-OPEC partners, speculation has intensified that the cartel and its de facto leader Saudi Arabia may be willing to make another U-turn in oil production policy and decide to cut production next year, just months after increasing output to offset expected losses from Iran and Venezuela.

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Posted in: Daily News

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The Louisiana Oil & Gas Association (known before 2006 as LIOGA) was organized in 1992 to represent the Independent and service sectors of the oil and gas industry in Louisiana; this representation includes exploration, production and oilfield services. Our primary goal is to provide our industry with a working environment that will enhance the industry. LOGA services its membership by creating incentives for Louisiana’s oil & gas industry, warding off tax increases, changing existing burdensome regulations, and educating the public and government of the importance of the oil and gas industry in the state of Louisiana.

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