Warnings of "very low" in oil prices and why?
09:57 - 28/11/2017
Information / Baghdad ..
LONDON (Reuters) - World oil prices may be "severely reduced" by the row between Russia, Saudi Arabia and some OPEC countries, the Times newspaper warned on Tuesday.
"One of the leading oil companies warned that crude oil prices could fall sharply this week if the oil ministers of the Organization of Petroleum Exporting Countries (OPEC), Russia and other countries failed to extend the reduction agreement," the newspaper said in a report published by the BBC. In global oil production quotas. "
The report quoted Ian Taylor, CEO of Vitol, as saying that OPEC officials (which include 14 countries pumping about a third of world oil production) and a few other oil exporters are likely to extend the current reduction in global oil production for nine months to the end of the year. 2018 ".
"A nine-month extension to cut production by 1.8 million bpd, agreed last year and will be completed next March, is the likely outcome of Austria's meeting next Thursday for those responsible for OPEC policy-making," Taylor said.
Founded in 1966, Vitol is one of the world's largest independent oil companies with about 40 branches worldwide. Its revenues last year amounted to $ 152 billion and trade daily at an average of seven million barrels of oil and gas, equivalent to the daily requirement of France, Germany, Italy and Spain combined. Ending / 25