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OPEC prepares for "Extraordinary Convention" as oil falls



Just a few weeks after OPEC and its partners decided to launch another round of production cuts, the cartel is ready to extend these cuts as international prices continue to fall.

Reuters reports citing UAE Oil Minister OPEC is ready to hold an extraordinary meeting when it switches back to "Whatever Needs" mode.

Earlier this month, OPEC, Russia and nine other manufacturers had agreed to lower their combined oil production with OPEC by 1.2 million barrels a day at 800,000 bpd. The news, however, did not impress the concerns of a market worried about global economic growth and the consequent demand for crude oil.

At a press conference in Kuwait, Suhail al-Mazrouei of the United Arab Emirates said that extending the cartel period was not a problem for the initial four-month cuts, starting in January.

"What if the cuts of 1

.2 million barrels are not enough? I tell you, if this is not the case, we will meet and see what is enough, and we will do it, "said Mazrouei, adding," The plan (to reduce oil production) is well thought out, but if it does not work, we always work in the OPEC have the power to convene an extraordinary meeting. If we have (still) to extend six months, we will do it … I can assure you that an extension is not a problem. "

The mood in OPEC seems worrisome Argus The media expect oil prices to stabilize in early 2019 as the cuts take effect. Citing the energy data provider, CNBC reports Brent crude oil prices averaged $ 65 per barrel in the first quarter of 2019, rising to $ 68 per barrel in the second quarter and continuing to the low $ 70 in the third quarter of 2019.

By Irina Slav for Oilprice.com

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