Opec likely to maintain output levels in 2018

dubai — The Organisation of Petroleum Exporting Countries (Opec) will maintain its current production levels this year and the price will dip slightly, industry analysts said during a conference in Dubai on Sunday.

“Opec members are likely to maintain their current levels of production. On the 2018 outlook, an overall slow-down with a slight decline in prices by the end of the year was forecasted,” said a statement issued after the fifth edition of the Global Commodity Outlook Conference.

“Every barrel of oil is transformed into Dubai. Brent and Dubai are interlinked and it is difficult to separate the two,” said Esa Ramasamy of Global Platts.

A Reuters survey showed that Opec’s production increased by 100,000 bpd (barrels per day) to 32.4 million bpd in January 2018 compared to December 2017.

The conference was organised

32.4M bpd production in opec during January, up 100K from december

by the Dubai MultiCommodities Centre (DMCC) and Richcomm Global Services, in collaboration with the Dubai Gold and Commodities Exchange.

The conference was attended by Ahmed bin Sulayem, executive chairman of the DMCC; Nura Abba Rimi, Minister Plenipotentiary at the Embassy of Nigeria; and Omar Khan, director of international offices at the Dubai Chamber of Commerce and Industry.

“Our goal is to support the development of business and promote Dubai as an international business hub,” Khan said. — waheedabbas@khaleejtimes.com