{"id":40456,"date":"2018-11-13T07:01:50","date_gmt":"2018-11-13T12:01:50","guid":{"rendered":"http:\/\/olduvai.ca\/?p=40456"},"modified":"2018-11-13T07:01:50","modified_gmt":"2018-11-13T12:01:50","slug":"saudis-scramble-to-stop-oil-price-slide","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=40456","title":{"rendered":"Saudis Scramble To Stop Oil Price Slide"},"content":{"rendered":"

Saudis Scramble To Stop Oil Price Slide<\/a><\/h3>\n
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Saudi Arabia is moving quickly to halt the slide in oil prices, telegraphing a production cut intended to erase some of the re-emerging supply surplus.<\/p>\n

Saudi oil minister Khalid al-Falih said<\/a> on Monday that the kingdom would slash oil exports by 500,000 bpd in December, a move that would go a long way to reversing the 1 million-barrel-per-day increase in output agreed to by OPEC+ in June.<\/p>\n

It was only a few weeks ago that al-Falih was trying to reassure the market that Saudi Arabia had enough spare capacity in the event of an outage; now he is rushing to try to stop the slide in prices but paring back production.<\/p>\n

The production cut would come just after crude oil officially entered bear market territory<\/a>, falling 20 percent from its October peak.<\/p>\n

But it is unclear at this point if the rest of the OPEC+ coalition, including Russia, will join the Saudis. The OPEC-Non-OPEC Joint Ministerial Monitoring Committee (JMMC) met over the weekend in Abu Dhabi to consider options for 2019. The group was rumored to be considering a collective production cut, although the meeting ended on Sunday with no firm commitments.<\/p>\n

Still, in an official statement<\/a>, the group seemed open to the idea. The JMMC \u201cnoted that 2019 prospects point to higher supply growth than global requirements,\u201d which is another way of saying that they are nervous about a supply glut. Also, the committee stated that a global economic downturn could depress demand, and \u201ccould lead to widening gap between supply and demand.\u201d These conditions \u201cmay require new strategies to balance the market.\u201d It would seem that the OPEC+ coalition is laying the groundwork for a production cut. The official ministerial meeting in Vienna in early December will reveal much more about the group\u2019s plans heading into 2019.<\/p>\n

\u2026click on the above link to read the rest of the article\u2026<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Saudis Scramble To Stop Oil Price Slide Saudi Arabia is moving quickly to halt the slide in oil prices, telegraphing a production cut intended to erase some of the re-emerging supply surplus. Saudi oil minister Khalid al-Falih said on Monday that the kingdom would slash oil exports by 500,000 bpd in December, a move that […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[3],"tags":[22482,6010,592,595,596,17931,5332,600,701],"class_list":["post-40456","post","type-post","status-publish","format-standard","hentry","category-energy-2","tag-khalid-al-falih","tag-nick-cunningham","tag-oil-price","tag-oil-production","tag-oil-supply","tag-oil-surplus","tag-oilprice-com","tag-opec","tag-saudi-arabia"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/40456","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=40456"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/40456\/revisions"}],"predecessor-version":[{"id":40457,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/40456\/revisions\/40457"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=40456"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=40456"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=40456"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}