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Oil Minister: Support for extending the OPEC production cut agreement until December 2022
- Time: 07/04/2021 16:43:19
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{Economic: Al Furat News} Oil Minister Ihsan Abdul-Jabbar announced, on Sunday, support for the extension of the OPEC production cut agreement until December 2022.
The useful summary.. In important news, you can find it in the Euphrates News channel on the telegram.. [You must be registered and logged in to see this link.]
Reuters quoted the Oil Minister as saying: "We support the extension of the OPEC production cut agreement until December 2022."
The Minister of Oil added that "the expected OPEC + agreement tomorrow will support market stability and benefit producers and consumers," expecting that "the price of a barrel of crude oil will not be less than $70 until December 2022."
He added, "Our relationship with BP is distinguished despite the challenges of the investment environment and we have paid all the company's dues and debts. We aim to protect the investment environment in the oil sector and seek to find new strategic partnerships."
And “Reuters” agency, quoting a source in “OPEC +”, stated that the group is moving towards adding about two million barrels per day of oil to the market in the period between August and next December.
The source added that the monthly increases may amount to at least 0.5 million barrels per day.
The first source and another source in “OPEC +” said that Saudi Arabia and Russia, the largest producers in the “OPEC +” alliance, had initially reached an agreement to increase oil production as of August.
Oil prices extended their gains thanks to the news, while benchmark Brent crude is trading at $76 a barrel, near the highest level in two and a half years.
Sources said earlier that “OPEC +” ministers will meet later today to decide on production policy from August and may also consider extending the group’s comprehensive agreement to restrict supplies beyond April 2022. And to
face the serious damage to oil demand due to the Covid-crisis 19, “OPEC +” agreed last year to reduce production by about ten million barrels per day, starting from May 2020, and to end these restrictions at the end of April 2022. The reduction is currently about 5.8 million barrels per day.
Earlier, a confidential report seen by "Reuters" stated that a committee of "OPEC +" warned of "great uncertainty" and the risk of a possible disruption to the global oil market after April 2022.
Wafaa Al-Fatlawi
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{Economic: Al Furat News} Oil Minister Ihsan Abdul-Jabbar announced, on Sunday, support for the extension of the OPEC production cut agreement until December 2022.
The useful summary.. In important news, you can find it in the Euphrates News channel on the telegram.. [You must be registered and logged in to see this link.]
Reuters quoted the Oil Minister as saying: "We support the extension of the OPEC production cut agreement until December 2022."
The Minister of Oil added that "the expected OPEC + agreement tomorrow will support market stability and benefit producers and consumers," expecting that "the price of a barrel of crude oil will not be less than $70 until December 2022."
He added, "Our relationship with BP is distinguished despite the challenges of the investment environment and we have paid all the company's dues and debts. We aim to protect the investment environment in the oil sector and seek to find new strategic partnerships."
And “Reuters” agency, quoting a source in “OPEC +”, stated that the group is moving towards adding about two million barrels per day of oil to the market in the period between August and next December.
The source added that the monthly increases may amount to at least 0.5 million barrels per day.
The first source and another source in “OPEC +” said that Saudi Arabia and Russia, the largest producers in the “OPEC +” alliance, had initially reached an agreement to increase oil production as of August.
Oil prices extended their gains thanks to the news, while benchmark Brent crude is trading at $76 a barrel, near the highest level in two and a half years.
Sources said earlier that “OPEC +” ministers will meet later today to decide on production policy from August and may also consider extending the group’s comprehensive agreement to restrict supplies beyond April 2022. And to
face the serious damage to oil demand due to the Covid-crisis 19, “OPEC +” agreed last year to reduce production by about ten million barrels per day, starting from May 2020, and to end these restrictions at the end of April 2022. The reduction is currently about 5.8 million barrels per day.
Earlier, a confidential report seen by "Reuters" stated that a committee of "OPEC +" warned of "great uncertainty" and the risk of a possible disruption to the global oil market after April 2022.
Wafaa Al-Fatlawi
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