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Former OPEC official El-Badri says non-OPEC cut a 'must': conference

Published 12/08/2016, 01:34 PM
Updated 12/08/2016, 01:40 PM
© Reuters. Secretary General of OPEC Abdallah Salem el-Badri addresses a news conference in Vienna

(Reuters) - Abdalla Salem El-Badri, who stepped aside as OPEC Secretary General in August, said Thursday at a conference a crude oil production cut of about 600,000 barrels per day from non-OPEC members is a "must".

The Organization of the Petroleum Exporting Countries agreed last month to cut production by 1.2 million bpd, but has been working to convince non-OPEC members, including Russia, to reduce output as well.

"You have to cut production," he said at a Platts conference in New York. "This decision is a positive step forward."

Latest comments

this will always be the case. the US want the oil price to rally for the time being so they can initiate the rigs for shale oil production. once the output increases from the US, the price will start to drop mid next year to the low $30
Hopefully America,Russia and Canada,Mexico and Australia do not cut production and actually increase production dispite the OPEC recomendations. OPEC will eventually have no power to dictate any oil production quotas.
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