Dec 2016 Financial News

T&T at oil cutback talks

Dec 14, 2016

T&T was represented at last Saturday’s meeting of non-OPC oil producers where there was an agreement to reduce output by 558,000 barrels a day to help end the supply glut which has sent global oil prices tumbling.

Although less than the targeted 600,000 barrels it was the largest ever contribution to production cuts by non-OPEC members and followed an agreement last month by OPEC to cut production by 1.2m barrels a day from January 1.

So far there has been no indicatioon what cutbacks, if any, T&T will make. This country’s oil production currently hovers ataround 60,00 barrels a day. Prime Minister Dr Keith Rowley last week allayed fears that T&T would be forced to make any major cutbacks, if at all.

Since the weekend agreement, oil prices have surged to a 17-month high.

Meanwhile, in a report released yesterday, the International Energy Agency (IEA) said OPEC oil production climbed to a record high last month, in the days and weeks leading up to the global deal to slash output.

The IEA said “the next few weeks will be crucial in determining if the production cuts are being implemented and whether the recent increase in oil prices will last.”

Source:
Trinidad Guardian
Wednesday December 14, 2016

http://www.guardian.co.tt/business/2016-12-14/tt-oil-cutback-talks