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OPEC: the fog is hovering on the global oil market in the coming period
16:02 - 12/06/2018
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http://www.almaalomah.com/2018/06/12/317666/
16:02 - 12/06/2018
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The Organization of the Petroleum Exporting Countries (OPEC) warned on Tuesday that the uncertainties of the oil market in the second half of this year, although the figures show the Organization overshadowing the global supply.
"Exporters will not rush to ease production constraints at next week's meeting," Reuters news agency reported in a news item.
"The agency is studying with Russia and other producers outside the Organization, reducing oil production since January 2017 to get rid of oversupply," the agency said.
OPEC aims to reduce oil stocks in developed countries to an average of five years, noting that the stocks of those countries fell in April to less than 26 million barrels over the five-year average.
Inventories stood at 340 million barrels above the average in January 2017, but OPEC warnings included the rest of the year.
The Organization considered crude oil futures lost some momentum, recently, amid a state of uncertainty, with the willingness of dealers to the possibility of the return of more supply to the market.
http://www.almaalomah.com/2018/06/12/317666/
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