Saudi Arabia to continue OPEC Plus-agreed production cuts

Producers are expected to discuss whether deeper cuts are needed.(File/AFP)
Updated 12 September 2019

Saudi Arabia to continue OPEC Plus-agreed production cuts

  • The Saudi and Russian energy ministers called on all producers to comply with oil production cuts under the OPEC-led supply agreement
  • Saudi Energy Minister Prince Abdulaziz bin Salman said all countries must comply with production cuts

Saudi Arabia will continue to cut oil production at a pace that exceeds its share in the OPEC Plus deal, the Kingdom’s energy minister Prince Abdulaziz bin Salman said.

The Saudi and Russian energy ministers called on all producers to comply with oil production cuts under the OPEC-led supply agreement ahead of Thursday’s joint ministerial oversight committee meeting.

Saudi Energy Minister Prince Abdulaziz bin Salman said all countries must comply with production cuts in order to stabilize the oil market among producers. He said Saudi Arabia’s oil policy would remain unchanged.

He said an announcement was scheduled that would reveal the course of steps to be taken by OPEC and its allies in the so-called “OPEC Plus alliance,” after the meeting of the ministerial committee in the United Arab Emirates on Thursday.

Russian Energy Minister Alexander Novak said the main goal of OPEC Plus was to maintain full compliance with the cuts, adding that joint efforts by producers would have a positive and sustainable impact on global oil markets.

Producers are expected to discuss whether deeper cuts are needed.


UAE regulator not optimistic on Boeing 737 MAX return this year

Updated 6 min 20 sec ago

UAE regulator not optimistic on Boeing 737 MAX return this year

  • The 737 MAX has been grounded since March while Boeing updates flight control software
  • UAE airline flydubai is one of the largest MAX customers
DUBAI: The head of the United Arab Emirates’ General Civil Aviation Authority said on Sunday he was not optimistic that the Boeing 737 MAX would return to operations this year and that the first quarter of 2020 was more likely.
The 737 MAX has been grounded since March while Boeing updates flight control software at the center of two fatal crashes in Indonesia and Ethiopia that together killed 346 people within a span of five months.
Boeing is targeting regulatory approval for the fixes in October, though the US Federal Aviation Administration has said it does not have a firm time for the aircraft to be flying again.
The GCAA will conduct its own assessment to allow the MAX to return to UAE airspace, rather than follow the FAA, Director General Said Mohammed Al-Suwaidi told reporters in Dubai.
He said the GCAA would look at the FAA decision and that the UAE regulator had so far not seen details of Boeing’s fixes.
The FAA has traditionally taken the lead on certifying Boeing jets, though other regulators have indicated they would conduct their own analysis.
UAE airline flydubai is one of the largest MAX customers, having ordered 250 of the fast-selling narrow-body jets.
It has not said when it expects the aircraft to be operational again. American Airlines has canceled flights through Dec. 3, United Airlines until Dec. 19 and Southwest Airlines Co. into early January.