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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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    optimism hangs on OPEC on oil production cuts

    Rocky
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    • Post n°1

    optimism hangs on OPEC on oil production cuts Empty optimism hangs on OPEC on oil production cuts

    Post by Rocky Mon 23 Jan 2017, 4:47 am

    [size=32]
    optimism hangs on OPEC on oil production cuts[/size]
    optimism hangs on OPEC on oil production cuts %D8%A7%D9%88%D8%A8%D9%83-%D8%B1%D9%88%D8%B3%D9%8A%D8%A7

     Twilight News    

     19 Hours Ago



    Twilight News / showed energy ministers from OPEC member states and beyond, meeting in Vienna on Sunday optimism about reducing oil production agreement at a time when the committee charged with following up bound by the Agreement held its first meeting.
    He Saudi Energy Minister Khalid al-Falih satisfaction and optimism "As I said, the market is the way to restore the balance and this is happening."
    He said the commitment to an agreement which provides for the start of production cuts this month, was "fantastic."
    He said Kuwaiti Oil Minister Essam Marzouk, who heads the committee, consisting of five members, they will examine the best way to comply with the acceptable level of commitment.
    Marzouq The OPEC meeting and said with a fully independent producers ended with an agreement to abide by a production cut monitoring mechanism.
    The Committee also includes Algeria, Venezuela, Russia and Oman.
    The agreement, which was reached on the tenth of December, between producers from OPEC members and producers from the outside is the first of its kind since 2001.
    Faleh said, "usually raise producers outside OPEC production to make up for any voluntary cut from OPEC. We now see voluntary cuts on both sides."
    The Falih said last week that production fell by 1.5 million barrels a day already.
    He said on Sunday: "There are another 300 thousand barrels per day, and to my knowledge this would happen," he said, adding that he hoped to be a commitment by one hundred percent in February.
    He said the oil minister of Venezuela Nelson Martin told reporters that his country would cut output by more than half the amount Rapporteur of 95 thousand barrels per day.
    Falih said that full compliance will come down global stocks near average in five years in the mid-2017 that reduces oil inventories at 300 million barrels.
    He continued, "There are no surprises with regard to supply and demand from other sources and there is no reason to suddenly announce in January about the need to cut larger or longer."
    Said Oil Minister Alexander Novak on Sunday he was satisfied with the level of commitment.
    In his speech at the opening of the meeting Novak said that a number of countries to cut production more than it has been agreed upon, adding that Russia has cut its production ahead of schedule.



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