OPEC Ministers See Oil Market Balanced If Non-OPEC Joins Cut
- U.A.E., Nigeria ministers expect Russia to help curb supply
- OPEC will take ‘right measures’ if crude falls as low as $40
Oil Market Contemplates OPEC, Non-OPEC Production
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Two of OPEC’s leading ministers said its plan to rebalance the oil market will only work if Russia and other countries outside the group follow through on their commitments to rein in production.
A global cut of 1.8 million barrels a day would be enough to balance the market, United Arab Emirates Energy Minister Suhail Al Mazrouei said on Wednesday. With the OPEC planning to reduce output by 1.2 million barrels a day, non-OPEC nations must share the burden by cutting 600,000 of their own, he said. Supply and demand should be balanced by mid-2017, his Nigerian counterpart Emmanuel Ibe Kachikwu said.