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Saudi Arabia: Marine inventory is behind the rise in oil prices not
Date: 04/20/2017 10:53
oil
Information / Baghdad ..
The Saudi Energy Minister Khaled al-Faleh, said Thursday that Saudi Arabia is committed to doing the right steps in order to restore market balance, pointing out that the marine inventory is behind the rise of the non-oil.
The newspaper "life" and was quoted by al-Faleh was quoted as saying in response to a question dealt with the cause of high oil supply despite «OPEC» and the productive commitment of about 98 percent of the reductions of production, it said that "part of the marine inventory, which was oil traders keep it for the future began to appear in the markets." .
He added that "the first quarter of the year always witness inventory building, and in the second quarters traditionally and third push market factors to reduce inventory, and if we helped the market to cut OPEC production will be decreasing inventory faster, and if we look at the OECD figures we see that there is a reduction in inventory."
The paper quoted a senior OPEC source confirmed the possibility to extend production cuts a few months is not necessarily an agreement for six months, but less time, but this will depend on the «OPEC» and countries outside the agreement. Finished / 25
http://almaalomah.info/2017/04/20/economic/149057
Date: 04/20/2017 10:53
oil
Information / Baghdad ..
The Saudi Energy Minister Khaled al-Faleh, said Thursday that Saudi Arabia is committed to doing the right steps in order to restore market balance, pointing out that the marine inventory is behind the rise of the non-oil.
The newspaper "life" and was quoted by al-Faleh was quoted as saying in response to a question dealt with the cause of high oil supply despite «OPEC» and the productive commitment of about 98 percent of the reductions of production, it said that "part of the marine inventory, which was oil traders keep it for the future began to appear in the markets." .
He added that "the first quarter of the year always witness inventory building, and in the second quarters traditionally and third push market factors to reduce inventory, and if we helped the market to cut OPEC production will be decreasing inventory faster, and if we look at the OECD figures we see that there is a reduction in inventory."
The paper quoted a senior OPEC source confirmed the possibility to extend production cuts a few months is not necessarily an agreement for six months, but less time, but this will depend on the «OPEC» and countries outside the agreement. Finished / 25
http://almaalomah.info/2017/04/20/economic/149057
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