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OPEC confirms its commitment to reduce oil production
07/1/2018 12:00 am [rtl]Baghdad / Shukran al-Fatlawi Between the economist d. Ahmed Abreihi said OPEC's commitment to extend production cuts if it did not raise prices would maintain its rates. "If the prices continue to rise, a major part of the problem in Iraq's budget is on its way to a solution," Abrehi said, adding that the previous agreement helped maintain $ 65 and helped absorb surplus from the market. Production is Tkulailde and noted that " the agreement , which was first included investment yesterday by producing non - conventional crudes in addition to traditional oils will have an impact on prices in the distant future." Opec has stepped up its commitment to an oil supply cut in December with further declines in Venezuela's output and additional cuts from crude-exporting Gulf states, showing a strong commitment to the deal despite rising prices. OPEC's commitment A Reuters survey showed that the commitment to cuts rose from 125 to 128 percent in November. The United Arab Emirates has pumped oil below its OPEC level for the first time since the deal came into effect in January 2017 to join Saudi Arabia and Kuwait. The Organization of the Petroleum Exporting Countries (OPEC) is cutting production by 1.2 million bpd, Russia and other non-OECD producers. The agreement continues until the end of 2018. Crude prices and ended the global benchmark Brent crude for the nearest trading session low 45 cents, or 0.7 percent, to settle at 67.62 dollars a barrel after having recorded in the previous session the highest since May 2015 at 68.27 dollars . US benchmark WTI fell 57 cents, or 0.92 percent, to $ 61.44 a barrel. At the previous session, US crude was at $ 62.21, the strongest since May 2015 Many producers, still suffering from the price collapse in 2014, benefit from higher prices and additional revenues. The survey shows no sign that producers are increasing supplies to take advantage of higher prices or to compensate for the decline in Venezuela as output falls in an economic crisis . Saudi Arabia and Saudi Arabia cut output by 60,000 barrels per day (bpd), according to sources in the survey attributed to the stabilization or decline in exports and the decline in refining activities, which increases the decline of supplies from the target of the Kingdom in OPEC. The survey showed production in Venezuela continued to fall below OPEC's target, with the UAE reducing production and achieving the highest level of commitment so far, according to a Reuters survey. According to the survey, the Organization's production in December averaged 32.28 million barrels per day, up about 530,000 bpd from the revised target level in view of the elimination of Indonesia and the inclusion of Equatorial Guinea.[/rtl] [rtl]http://www.alsabaah.iq/ArticleShow.aspx?ID=150539[/rtl] |
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