SI
SI
discoversearch

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor.  We ask that you disable ad blocking while on Silicon Investor in the best interests of our community.  If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.
Gold/Mining/Energy : Strictly: Drilling and oil-field services
 Public ReplyPrvt ReplyMark as Last ReadFilePrevious 10Next 10PreviousNext  
To: The Ox who wrote (26953)8/3/1998 7:04:00 PM
From: Captain James T. Kirk  Read Replies (1) of 95453
 
Monday August 3, 2:13 am Eastern Time
Saudi may back OPEC cut ahead of Nov meeting
KUWAIT, Aug 3 (Reuters) - Saudi Arabia may back a third round of oil cuts ahead of OPEC's November meeting if oil prices were still low in late September, a Gulf source said on Monday.
''However, if in Sept OPEC made good on its commitments (to cut output) and prices did not improve to much higher than where they are now, then Saudi Arabia and OPEC may not have to wait until November'' to agree on further cuts, the source who is familiar with official Saudi thinking told Reuters.

But the Gulf source refused to say what price level the kingdom would like to see oil at in September before moving to seek a new round of cuts.

He said Riyadh would study July and August output figures and if prices were low by late September and OPEC members had abided by the two earlier rounds of cuts, then OPEC ''might even agree on additional cuts ahead of the November meeting.''

Neighbouring Kuwait has said that if North Sea Brent failed to rise by some $4 a barrel to $17 in November then a cut of at least one million barrels per day (bpd) would be warranted.

But other key oil exporters have said it could be too early to look at additional cuts. OPEC had agreed to cut supplies to a glutted market by a total of 2.6 million bpd since April 1.

--------------------------------------------------------------------------------
Related News Categories: international
Report TOU ViolationShare This Post
 Public ReplyPrvt ReplyMark as Last ReadFilePrevious 10Next 10PreviousNext  

HomeMailHotSubjectMarksPeopleMarksKeepersSettings
Terms Of UseContact UsCopyright/IP PolicyPrivacy PolicyAbout UsFAQAdvertise on SI
© 2025 Knight Sac Media.  Data provided by Twelve Data, Alpha Vantage, and CityFALCON News