15 Dec 2015
OPEC may cut oil production in 2017 - CNBC
FXStreet (Mumbai) - As reported by CNBC, analysts are expecting the OPEC to cut the output levels not until 2017, as the oil markets continue to remain oversupplied with the cartel pumping oil in a fight for market-share.
Argus Media's vice president of crude for Middle East & Asia-Pacific, Alejandro Barbajosa, told CNBC's Squawk Box earlier today, "At this point in time, they've (OPEC) got a very short window of opportunity to show the rest of the market that their strategy is working and they are actually regaining some market share but that is just constrained to the end of this year and probably next when non-OPEC production is actually forecast to fall,"
"Now, because Iran is about to come back into the market, it's impossible to agree to any cut. Further down the line, once you see some effect of this strategy in terms of market share and everyone's comfortable with whatever they are producing...it might be a better platform to cut," Barbajosa added.
Argus Media's vice president of crude for Middle East & Asia-Pacific, Alejandro Barbajosa, told CNBC's Squawk Box earlier today, "At this point in time, they've (OPEC) got a very short window of opportunity to show the rest of the market that their strategy is working and they are actually regaining some market share but that is just constrained to the end of this year and probably next when non-OPEC production is actually forecast to fall,"
"Now, because Iran is about to come back into the market, it's impossible to agree to any cut. Further down the line, once you see some effect of this strategy in terms of market share and everyone's comfortable with whatever they are producing...it might be a better platform to cut," Barbajosa added.