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Global Oil & Gas: “Non-OPEC Producers Are Ready To Join Output Cut” – Saudi Oil Minister
“Many countries” outside OPEC are willing to join the negotiations on a crude oil production reduction initiated by the cartel last month. That’s what Saudi Arabia’s oil minister Khalid al-Falih said today at the Oil & Money conference in London.
Without naming any names, Al-Falih said that behind-the-scenes talks are being held with non-OPEC producers who have declared their readiness to not just freeze, but to cut their production to match the organization’s attempt at rebalancing the markets.
The biggest non-OPEC oil producers in the world besides Russia and the U.S. include Canada, Norway, Mexico, China, India, Brazil, Azerbaijan, and Kazakhstan.
Two non-OPEC producer that’s already made its oil production intentions clear—or murky, rather, with regard to whether they will be freezing or cutting—is Russia and Azerbaijan. President Vladimir Putin said earlier this month at the World Energy Congress in Turkey the country will join efforts to bring oil’s fundamentals back to balance, but a fair amount of “freeze” chatter has also been going on in Russia.(source: OILPRICE.COM)