OPEC is considering the extension of production cuts agreement

OPEC is considering the extension of production cuts agreement




Members of the oil producers of "OPEC" countries are seeking and abroad to study the possibility of extending production cuts for an additional period agreement, "especially since the commitment in the last period, came to fruition effectively as seen Kuwaiti Oil Minister Issam Al - Marzouk.
Al - Marzouk said in a press statement on Sunday that the oil market, may return to balance by the third quarter of this year, if committed by producers agreement to cut production and only Vsiokhr time frame to restore the balance, he must abide by 100 percent between before producers agreement to cut production.
see specialists that, high oil prices came background statements "OPEC" members on t On charges of extending the reduced production agreement, as confirmed in a former oil minister , the Russian time, the commitment rate of 94 percent ..
However , the Al - Marzouk said that, there is some progress towards restoring balance, and production figures in / February and / March found resonated with the market expecting that, the extension again to cut production, especially since what governs the current oil prices is the demand and supply operations, so the extension of the agreement to cut production is necessary.
it was an interview with the Kuwaiti minister in this regard on the sidelines of the oversight Committee emanating from the "OPEC", which will be held at a meeting Kuwait, on Sunday, in order to assess the organization 's decision to cut production for 6 months starting from The first of January / 2016, which reached last year, in order to maintain the oil balance of the market, where he headed the Kuwait Monitoring Committee , which also includes, Algeria, Venezuela, Russia and the Sultanate Eman.aly that assured the Iraqi oil minister Jabbar Ali Allaibi, in a press interview , on Sunday, the Secretary - General of OPEC, is considering whether there is a need to extend the global agreement between oil producers to cut production, adding there are encouraging factors that suggest improvement in the oil market, and that Iraq will support any measures to help the market and price stability, if agreed upon by all OPEC members, noting that production in Iraq A - warning 4.31 million barrels Aumia.okan Allaibi may count in 06/03/2017, that it was too early to say whether OPEC should extend production cuts, noting that Iraq has carried out to date, approximately 90 to 93 percent of the agreement cut oil production.
Featured a draft press statement to the meeting of the Joint Ministerial Committee of the OPEC oil producers are not members of the organization, on Sunday, the Committee recommends the extension of the reduction of world oil production six months agreement, and showed the draft that the Committee "expressed satisfaction with the progress made towards full compliance with amendments to the voluntary production and urged all participating countries to move towards full compliance. "
He met OPEC oil producers and rivals in Kuwait on Sunday, to review their progress in reducing the supply agreement.
The Organization of the Petroleum Exporting Countries (OPEC) and 11 other countries of the major oil - producing countries, including Russia agreed in December last year, to reduce total production by about 1.8 million barrels per day during the first half of this year.
The agreement aimed at reducing global inventories bloated and support weak oil prices, while raising led to the price of crude oil for more than $ 50 a barrel, but it helped the US shale oil producers to increase their production , which hampered the reduction of global stocks efforts.
The sources of OPEC had revealed in February that the organization may extend the cut supply agreement or take place even deeper than / July cuts if the stock did not fall to the target level, while other sources in the "OPEC" showed that the market needs more than 6 months to restore stability is It is becoming increasingly apparent, but added that all producers, inside "and outside OPEC, must agree."

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