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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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    Kuwaiti oil minister: Oil market is heading in the right direction

    Rocky
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    Kuwaiti oil minister: Oil market is heading in the right direction Empty Kuwaiti oil minister: Oil market is heading in the right direction

    Post by Rocky Mon 16 Oct 2017, 8:46 am

    Kuwaiti oil minister: Oil market is heading in the right direction
    In the economy  October 16, 2017


    Kuwait Oil Minister Essam al-Marzouq said the oil market was on the right track and it was too early to decide on extending the OPEC-led agreement to cut production.
    "It is still too early," Marzouq told an oil and gas conference in Kuwait. We should take such a decision before November ... we are still on the right track. " 
    "We have seen a drop in surplus stocks and we have seen price improvements and I think everyone should be pleased with this outcome ... I think we should focus on commitment instead of extending the agreement," he said. 
    OPEC meets in Vienna on November 30 to decide on production policy. 
    The Kuwaiti oil minister expected that the world oil markets will regain their balance in 2018, considering that the timing of restoring balance both at the beginning of next year or the end will depend on the commitment of the signatories to the agreement to reduce production. 
    Al-Marzouq affirmed that the commitment of countries to reduce production was 116 percent at the end of September, noting that some countries committed to larger quotas of the decision while others did not comply with what is required of them according to the agreement.
    Al-Marzouq said there were no signs that the oil market or oil production was affected globally by the decisions taken by US President Donald Trump against Iran. 
    "There is no doubt that any decisions affecting any of the oil countries will have an impact on the oil market ... But to date there is no indication of (affected oil production), whether actions against Iran or the Kurdistan of Iraq," said Marzouq.



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