A technical committee from OPEC to assess the producers' commitment to the reduction decision

A technical committee from OPEC to assess the producers' commitment to the reduction decision

 

08/8/2017 12:00 am

BAGHDAD / Mustafa al-Hashemi,
while oil prices have stabilized near their highest level in nine weeks and despite the rise in production of OPEC, limited the gains, met on Monday in the Emirate of Abu Dhabi, a technical committee comprising producers from OPEC and independent Chaired by Russia and Kuwait; to discuss compliance with the agreement to reduce oil production. According to an OPEC statement, the meeting, which lasted for two days and ends on Tuesday, came to discuss the difficulties and obstacles faced by producers from within and outside OPEC to assess the improvement of levels of commitment to the agreement to reduce production to rebalance the market, which will benefit producers and consumers . The fourth ministerial meeting of the Committee to monitor the implementation of the agreement to reduce production was held last June in the Russian city of Saint Petersburg, from 23 to 25 last month, and reviewed the production data last June and the commitment of the 24 countries participating in the agreement. The meeting was attended by representatives from the State of Russia, Venezuela, Algeria and Oman, as well as Saudi Arabia as the current president of the OPEC Conference. The Committee stressed countries that had low commitment to take urgent action to increase commitment and contribute more effectively with other countries participating in the agreement. Oil Minister and Minister of Electricity and Water Issam al-Marzouq said after the previous meeting that the total commitment of the participating countries to the agreement to reduce production between the Organization of Petroleum Exporting Countries (OPEC) and outside countries reached about 98 percent last June. The organization " OPEC "and 11 other countries, including Russia, seeking to commit to reduce production by 1.8 million barrels per day, since the beginning of this year until 2018, according to the agreement of those countries in Algeria and Vena previous meetings The prices of oil near the highest level in nine weeks on Monday after boosted by strong hiring in the United States and a slight decline in the number of US rigs data Although the rise "OPEC" production limit gains and increased futures contract crude price measurement Brent eight cents , or 0.15 percent , to $ 52.50 a barrel at 0059 GMT , . and prices rose Futures for crude US crude rose 7 cents or 0.14 percent to $ 49.65 a barrel, and international benchmark prices rose to near their highest level since late May when OPEC oil producers extended a deal to cut output. 8 million barrels per day until the end of next March. Baker Hughes Energy Services said companies had cut the number of oil drilling platforms by one platform in the week ending Aug. 4, bringing the total to 765. Despite the decline in the number of drilling platforms last week, oil production in the United States to 9.43 million barrels per day, the highest level since August 2015. At the same time a report by Thomson Reuters Oil Research last week: OPEC exports of Crude oil in July rose to a record 26.11 million bpd, mostly from Nigeria.

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