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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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OPEC is close to cutting oil stocks in industrialized countries to an average

rocky
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 OPEC is close to cutting oil stocks in industrialized countries to an average Empty OPEC is close to cutting oil stocks in industrialized countries to an average

Post by rocky Wed 21 Feb 2018, 2:06 am

[size=30]OPEC is close to cutting oil stocks in industrialized countries to an average[/size]
21/02/2018 09:01 | Number of readings:
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Trend Press / Agencies
Figures from OPEC's head of research showed on Tuesday that the cartel is nearing its goal of cutting oil stocks in industrialized countries to an average of five years, the original goal of a cut-off deal with Russia and other producers.
 
According to Reuters, Aubad al-Qahtani, head of research at OPEC, told a conference in London that crude stocks in OECD developed countries, which were 340 million barrels higher than their five-year average in January 2017, were 74 million barrels higher than that level Last month.
 
Opec is cutting output by about 1.2 million bpd in a deal with Russia and other non-Opec producers. The agreement entered into force in January 2017 and will continue until the end of 2018.
 
A strong level of producer commitment to production cuts has helped to erode the surplus. OPEC said the commitment to the agreement in January was 133 percent, a figure Qahtani said was a record high and means that members cut production more than their pledges.
 
"This level of compliance is very successful in withdrawing the surplus," Qahtani told an annual oil industry conference in London.
 
The declared goal of the supply cut is to reduce oil stocks to an average of five years or the surplus of 74 million barrels, the smallest announced since production cuts began.
 
But OPEC officials are increasingly talking about different measurement criteria.


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