ANL 34.32 Decreased By ▼ -0.20 (-0.58%)
ASC 14.85 Decreased By ▼ -0.31 (-2.04%)
ASL 24.50 Decreased By ▼ -0.33 (-1.33%)
AVN 90.24 Decreased By ▼ -4.76 (-5.01%)
BOP 7.79 Decreased By ▼ -0.08 (-1.02%)
BYCO 10.05 Decreased By ▼ -0.26 (-2.52%)
DGKC 124.20 Decreased By ▼ -2.40 (-1.9%)
EPCL 56.30 Decreased By ▼ -0.86 (-1.5%)
FCCL 24.31 Decreased By ▼ -0.19 (-0.78%)
FFBL 27.60 Decreased By ▼ -0.36 (-1.29%)
FFL 16.05 Increased By ▲ 0.01 (0.06%)
HASCOL 9.74 Decreased By ▼ -0.28 (-2.79%)
HUBC 80.00 No Change ▼ 0.00 (0%)
HUMNL 6.44 Decreased By ▼ -0.01 (-0.16%)
JSCL 20.50 Increased By ▲ 0.09 (0.44%)
KAPCO 40.21 Decreased By ▼ -0.73 (-1.78%)
KEL 3.85 Decreased By ▼ -0.02 (-0.52%)
LOTCHEM 16.25 Decreased By ▼ -0.99 (-5.74%)
MLCF 46.60 Decreased By ▼ -0.31 (-0.66%)
PAEL 35.10 Decreased By ▼ -1.07 (-2.96%)
PIBTL 10.33 Decreased By ▼ -0.16 (-1.53%)
POWER 9.25 Decreased By ▼ -0.10 (-1.07%)
PPL 85.50 Decreased By ▼ -0.24 (-0.28%)
PRL 25.01 Decreased By ▼ -0.70 (-2.72%)
PTC 9.55 Increased By ▲ 0.10 (1.06%)
SILK 1.24 Increased By ▲ 0.07 (5.98%)
SNGP 38.82 Decreased By ▼ -0.54 (-1.37%)
TRG 167.40 Increased By ▲ 7.79 (4.88%)
UNITY 30.65 Decreased By ▼ -0.10 (-0.33%)
WTL 1.53 Increased By ▲ 0.10 (6.99%)
BR100 4,820 Decreased By ▼ -31.91 (-0.66%)
BR30 25,669 Decreased By ▼ -2.82 (-0.01%)
KSE100 44,978 Decreased By ▼ -208.43 (-0.46%)
KSE30 18,443 Decreased By ▼ -42.02 (-0.23%)

Coronavirus
VERY HIGH
Pakistan Deaths
15,501
5824hr
Pakistan Cases
725,602
458424hr
Sindh
269,126
Punjab
250,459
Balochistan
20,321
Islamabad
66,380
KPK
99,595

KUWAIT: If an agreed cut in oil output by 1.2 million barrels per day is not enough to balance the market, OPEC and allied producers will hold an extraordinary meeting and do what is necessary, the United Arab Emirates energy minister said on Sunday.

Extending the output agreement signed in early December will not be a problem and producers will do as the market demands, Suhail al-Mazrouei told a news conference at a gathering of the Organization of Arab Petroleum Exporting Countries in Kuwait.

"What if the 1.2 million barrels of cuts are not enough? I am telling you that if it is not, we will meet and see what is enough and we will do it," Mazrouei said.

"The plan (to cut oil production) is well studied but if it does not work, we always have the power in OPEC to call for an extraordinary meeting," he added.

The Organization of the Petroleum Exporting Countries (OPEC) and its Russia-led allies agreed this month to slash oil production by more than the market had expected.

Still, oil prices fell on Friday to their lowest since the third quarter of 2017 as global oversupply kept buyers away from the market ahead of holidays over the next two weeks.

The Emirati minister said a joint OPEC/non-OPEC monitoring committee would meet in Baku at the end of February or the beginning of March, as producers aim to return the oil market to the balance reached in the summer of 2018.

Mazrouei was speaking at a news conference with Saudi Arabia's OPEC governor, Adeeb Al-Aama, and Iraqi Oil Minister Thamir Ghadhban.

Aama said oil market oversupply had fallen to 37 million barrels of crude in November from 340 million barrels in January 2017, when OPEC and its allies began cutting production in an attempt to lift the price of crude.

Ghadhban said he agreed with the Saudi energy minister's expectation that the decision would be renewed, adding that Iraq would be willing to extend the production agreement in April. OPEC holds its next full meeting that month in Vienna.

"We would be watching the prices and how they react over time," Ghadhban said.

Copyright Reuters, 2018