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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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Russia: Joint agreement with OPEC will raise the price of crude oil

rocky
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 Russia: Joint agreement with OPEC will raise the price of crude oil Empty Russia: Joint agreement with OPEC will raise the price of crude oil

Post by rocky Sun 24 Sep 2017, 4:14 am

[size=30]Russia: Joint agreement with OPEC will raise the price of crude oil[/size]
24/09/2017 11:33 | Number of readings:
font size:  Russia: Joint agreement with OPEC will raise the price of crude oil Font_decrease  Russia: Joint agreement with OPEC will raise the price of crude oil Font_enlarge

 Russia: Joint agreement with OPEC will raise the price of crude oil Thumbnail.php?file=russiaouil_291649956
[rtl]Trend Press / Agencies[/rtl]
 
[rtl]MOSCOW (Reuters) - Russian Energy Minister Alexander Novak has said he supports continued cooperation with the Organization of Petroleum Exporting Countries (OPEC) at a time when the joint agreement to end oil production is bearing fruit by raising crude prices.[/rtl]
[rtl]But the Russian minister said on Sunday it was still too early to discuss the extension or change of the agreement reached by 24 countries in 2016, including Russia and members of OPEC, which expires on March 31.[/rtl]
[rtl]"We must maintain the same pace and certainly follow the coordinated action," Novak said at a meeting in Vienna of a committee to consider compliance with the agreement.[/rtl]
[rtl]He pointed out that while the oil producers have to "strategic detail" to follow from April 2018, and that the extension of the agreement «an option», it is still a decision to do so at the moment.[/rtl]
[rtl]"I think January is the closest date we can speak credible about the market situation and how the situation is evolving," he told reporters after the meeting. "I do not think people should expect us to take a decision seven months before the agreement expires," he said.[/rtl]
[rtl]Before the agreement, the abundance of production caused oil prices to fall from $ 100 a barrel in 2014 to less than $ 30 last year, the lowest level in 13 years.[/rtl]
[rtl]Oil prices have fluctuated significantly over the past six months, but have reached around $ 50 a barrel this week, suggesting the deal is finally bearing fruit. The benchmark Brent crude index closed at $ 56.43 a barrel yesterday, its highest level since February, and a 25 percent plunge from June.[/rtl]
[rtl]"We have every reason to be satisfied with the steady progress we have made in our combined efforts to overcome the challenges of the current oil market cycle, which may be the worst among all the previous cycles we have seen recently," OPEC Secretary General Mohammed Barkindo said during the talks.[/rtl]
[rtl]"OPEC members are trying to reach the target of $ 60 a barrel," Nigerian Oil Minister Emmanuel Ebie Kashiko told Bloomberg. We are not far from that. "[/rtl]
[rtl]"If we get to March (when the agreement expires) and we find there is a need to do more, I think we will."[/rtl]
[rtl]But there is a risk that high oil prices will push US rock producers (outside the agreement) to increase their output, which will cause a surplus in the market.[/rtl]


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