Coal News We love to talk!
About the only surprise to come from OPEC's decision on Friday to leave oil output unchanged was that everyone got along. "I have been in OPEC for many years, and it is the first time I had seen this," OPEC Secretary-General Abdalla El- Badri said after the meeting. "Very, very positive."
Last November, when the Organization of Petroleum Exporting Countries introduced its strategy of maintaining production to take market share from higher-cost producers, the group's weaker members like Venezuela argued for a cut to boost prices. This time, even they were supportive amid signs the strategy is working.
The organisation that has long suffered from internal strife managed to swiftly reach consensus. The central figure in OPEC's strategy has been Ali al- Naimi, the longtime oil minister from the group's biggest producer, Saudi Arabia. It was his first OPEC meeting since the kingdom's political reshuffling following the the death of King Abdullah.
Naimi, upon arriving in Vienna this week, said the November strategy was working. But it was Suhail Mohammed Al Mazrouei, the energy minister of the United Arab Emirates, who spoke first in the meeting to express support, according to a person briefed on the proceedings. There were no dissenters, the person said.
- ‘Coastal States must look at offshore wind farms for energy' Read more
- Marutis first electric car in India in 2 years! Read more
- GMR Chhattisgarh Energy gets extra time to commission its Unit-1 Read more
- Opec cuts demand outlook by most in 3 years on shale Read more
- Cairn India demands a stable and predictable investment regime Read more
- Gas production to rise by two-thirds over five years: Oil ministry Read more
- APERC to make all its regulations public Read more
- Indian Oil to raise Rs700 crore via bonds to fund Ennore LNG terminal Read more
- Oil price slump a chance to enhance energy security: Dharmendra Pradhan Read more
- Oil PSUs asked to complete Rs 60,000-cr projects by FY15 end Read more