Various OPEC ministers comment ahead of its bi-annual meeting in Vienna
* Saudi Arabia Energy Min Al Falih:
- Saudi Oil Min Al-Falih deeper cuts not needed at this time
- OPEC likely to extend cuts for 9-months; could be prolonged further if needed; likely to rule on same level
- Many countries have indicated flexibility on cuts
- Sees oil inventories at 5-year average in Q1 2018; re-balancing will happen sooner rather than later
- Next OPEC meeting seen in late Nov or early Dec
- Nigeria, Libya exempt from production deal (were exempt at Nov OPEC meeting)
- US Shale oil production will not derail what OPEC is doing
- Saudi Arabia has no plans to expand capacity beyond 12.5M bpd
* Kuwait Oil Min Almarzooq:
- Expect 9-month extension of OPEC/Non-OPEC oil cuts
- Does not expect meeting to discuss deeper cuts
- Market has already absorbed rise in shale oil production
* Iran Oil Min Zanganeh:
- No objection to 12-month extension; will respect and comply with OPEC decision of either 3,6, 9 or 12 months
- Wants oil prices between $55-60/barrel
- Do not have oil in floating storage
- Currently exporting 2.1-2.2M bpd
* Iraq Oil Min Min Al-Luaibi:
- Supports all options on output agreement
- Supports 9 month extension with same level of cuts; there is a proposal for an extension with deeper cuts
- Country's oil production at 4.465M bpd; exports at 3.79M bpd (includes Kirkuk)
* UAE Oil Min Mazrouei:
- seeking a 6-month production cut
- Not concerned about US shale oil production
* Venezuela Oil Min Del Pino:
- deal most likely to be extended by 9-months but 6-months is also an option Ecuador
* Energy Min Perez:
- Supports 9-month extension of OPEC deal