{OPEC} is seeking to extend production cut 6 months

{OPEC} is seeking to extend production cut 6 months

 

08/05/2017 0:00

Baghdad / follow-up to the joy of pumice
Member states of the oil-producing seeking the "OPEC" with producing countries from outside to extend the cut output by 1.8 million barrels a day for another six months.
It is scheduled to hold a meeting between the Ministers of Member States and non - members of the "OPEC" on May 25.
He said three of the "OPEC" representatives of the producers from within and outside the organization is likely to Amddoa your agreeing to restrict supplies for after the date of expiry in June to help get rid of oversupply, but they downplayed the possibility of adopting additional steps such as reducing production by more than the agreed size .
Oil prices closed higher 1.5 percent , rebounding from the lowest level in 5 months after good American jobs and assurances from the Saudi statements that Russia is ready to participate in the extension of an agreement to cut production.
The futures rose for crude global measurement mix "Brent" 72 cents , or about 1.5 percent to a record of $ 49.10 a barrel in the settlement, while WTI US rose 70 cents , or about 1.5 percent , to close at $ 46.22 a barrel.
The rise came after falling Van by about 5 percent, as WTI reached in trading foreign markets to $ 43.76 a barrel, the lowest level since 15 November, the while fell "Brent" to $ 46.64 a barrel, the lowest level since the 30 the same month.
In a related context , Iranian Oil Minister Bijan Zanganeh said that $ 55 a suitable price for a barrel of oil, expressing his belief that oil producers Samddon likely cut production to support prices.
This amounted to crude exports from Iraqi oil 3.252 million barrels per day on average in April , down slightly from 3.259 million barrels per day in the previous month.
Spokesman for the Ministry of Oil , Assem Jihad said that Iraq exported 3.23 million barrels per day from the ports of Basra in the south and 22 thousand barrels per day from the Kirkuk fields in the north.
He pointed out that Iraq 's proceeds from the sale of crude stood at $ 4.6 billion at a price of $ 47.275 a barrel, especially the declared quantities to cover all Iraqi oil marketing company exports (SOMO) from the southern ports and the Turkish port of Ceyhan on the Mediterranean.
On the other hand , Iran will sign contracts worth $ 80 billion under the new model of oil contracts over the next two years.
Among Zanganeh speech at the opening of the 22nd International Exhibition of oil and gas, petrochemical and refining in Tehran yesterday, that the new contracts will be a platform for the launch of the activities of local contractors.
Zanganeh pointed to the achievements of his country, with regard to the development of joint oil fields, such as Charon field, whose production rose from 70 thousand barrels per day in 2013 to about 280 thousand barrels per day , recorded on March 20.
Iran has the largest oil reserves in the world 's fourth, and the second largest gas reserves, making it owns the largest reserves of these two important exporters and makes its economy attractive to international energy companies.

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