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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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Established in 2006 as a Community of Reality

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    Emirates is moving to nip any talk of an emergency meeting of OPEC with falling prices

    Rocky
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    Emirates is moving to nip any talk of an emergency meeting of OPEC with falling prices Empty Emirates is moving to nip any talk of an emergency meeting of OPEC with falling prices

    Post by Rocky Thu 14 Jan 2016, 5:07 am

    Emirates is moving to nip any talk of an emergency meeting of OPEC with falling prices
     
     
    Emirates is moving to nip any talk of an emergency meeting of OPEC with falling prices 3269         Emirates is moving to nip any talk of an emergency meeting of OPEC with falling prices Separator
    Economy News / Continue ...
     United Arab Emirates has moved to nip any talk of a possible emergency meeting of the Organization of the Petroleum Exporting Countries (OPEC) after Nigeria's petroleum minister said "two" of the Member States of the Organization requested the meeting.
    And it landed crude futures for global measurement Brent towards $ 30 a barrel to its lowest level in nearly 12 years before recovering slightly.Contracts and lost about three quarters of their value since mid-2014 due to oversupply.
    He said Nigerian Minister of State for Petroleum Emmanuel Ebi Katcheko told reporters on the sidelines of a meeting of energy in Abu Dhabi that such market conditions support the convening of an emergency meeting to discuss whether OPEC should change its policy.
    However, the energy minister of the UAE Suhail Al Mazroui said at the same conference that the current strategy of OPEC effective but need time to bear fruit and it can take between a year and a year and a half.
    Al Mazroui said he is not convinced that OPEC alone can change this strategy just a dip in the market.
    He added that the first half of 2016 would be "tough" on the oil market, but the recovery will begin gradually later in the year with the support of the expected decline in production from outside OPEC.
    Nigerian minister did not specify the two countries, which had asked for a meeting but said that such a meeting could take place in February or March.League next OPEC meeting will not take place before the second of June.
    But non-Gulf OPEC delegates in Hkka held an emergency meeting. Said one delegate from an African country, a member of the organization "will not hold any meeting."
    The OPEC's strategy to maintain production levels unchanged rather than cut supplies to push prices to recover in order to defend the market share of the Organization for producers of high-cost account such as shale oil producers in the United States.
    It is likely that swells oversupply in 2016 the return of Iranian oil supplies to the market immediately after the lifting of Western sanctions imposed on Tehran.
    Al Mazroui said he believed that all OPEC members, including Iran, have the right to increase their production.
    Those prospects prompted analysts to cut oil affairs of their expectations in the past few days, he said Standard Chartered Bank said crude prices could fall to ten dollars a barrel.
    It will depend the possibility of holding a meeting at the OPEC heavyweight Saudi Arabia, the organization's position at the forefront of the naysayers to cut production.
    Katcheko said "Saudi Arabia did not declare that they do not want to never talks. In fact strongly supported during our meeting in December for a meeting before June if there was a consensus to call him


    http://economy-news.net/content.php?id=1698
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