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Poll: OPEC needs to cut oil production to extend the agreement to maintain the price recovery
Date: 03/17/2017 11:30
OPEC oil
Information / Baghdad ..
A survey of the views of market analysts released on Friday that the Organization of Petroleum Exporting Countries (OPEC) will need to extend the reduction of oil production in order to maintain the recovery of crude oil prices in the light of production recovery outside the organization, which may dispel the impact of their efforts to get rid of the glut of stocks agreement.
He said six of the ten analysts polled by "Reuters" They see their views that OPEC will extend production reduction agreement after next June, while two believe that the organization has no need for an extension while the two others were not resolved their opinion.
The OPEC said in its monthly report published on Tuesday that oil stocks rose in January despite the global agreement to cut supplies and raised its forecast for production outside the organization in 2017, indicating the complexities facing rid of oversupply efforts.
However, the organization stressed that stocks would begin to decline thanks to the reduction of supply, saying that "the market is expected to begin to restore balance or even to witness the decline of the stocks" in the second half of the year.
OPEC is working to reduce its production by about 1.2 million barrels per day with effect from the first of January in the first cut of its kind in eight years. Russia agreed and ten other producers outside the organization to cut production, including a total of 600 thousand barrels per day again. Finished / 25 p.
http://almaalomah.info/2017/03/17/economic/139714
Date: 03/17/2017 11:30
OPEC oil
Information / Baghdad ..
A survey of the views of market analysts released on Friday that the Organization of Petroleum Exporting Countries (OPEC) will need to extend the reduction of oil production in order to maintain the recovery of crude oil prices in the light of production recovery outside the organization, which may dispel the impact of their efforts to get rid of the glut of stocks agreement.
He said six of the ten analysts polled by "Reuters" They see their views that OPEC will extend production reduction agreement after next June, while two believe that the organization has no need for an extension while the two others were not resolved their opinion.
The OPEC said in its monthly report published on Tuesday that oil stocks rose in January despite the global agreement to cut supplies and raised its forecast for production outside the organization in 2017, indicating the complexities facing rid of oversupply efforts.
However, the organization stressed that stocks would begin to decline thanks to the reduction of supply, saying that "the market is expected to begin to restore balance or even to witness the decline of the stocks" in the second half of the year.
OPEC is working to reduce its production by about 1.2 million barrels per day with effect from the first of January in the first cut of its kind in eight years. Russia agreed and ten other producers outside the organization to cut production, including a total of 600 thousand barrels per day again. Finished / 25 p.
http://almaalomah.info/2017/03/17/economic/139714
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