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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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    KUWAIT: Surplus global oil stocks are over

    Rocky
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    • Post n°1

    KUWAIT: Surplus global oil stocks are over Empty KUWAIT: Surplus global oil stocks are over

    Post by Rocky Sun 27 May 2018, 3:21 pm

      KUWAIT: Surplus global oil stocks are over

    KUWAIT: Surplus global oil stocks are over 8155

    Kuwait's OPEC governor Haitham al-Ghais said on Sunday that the current measure showed that the surplus in oil reserves had fallen to only 20 million barrels, which is below the previous five-year average, meaning that the target surplus at the start of the cut-off agreement was almost over.
    "The rate was estimated with the entry into force of the agreement to cut production by 340 million barrels, which indicates the success of the strategy of reducing production by OPEC countries and beyond," Al-Ghais said in a statement to the Kuwaiti newspaper Al-Rai. That "the goal of the agreement was to get rid of this stock to restore stability of the market."
    He pointed out that "the proportion of the commitment of countries to the agreement to reduce production amounted to 152 percent during the month of April, which represents a new record since the beginning of the agreement in January 2017," noting that "the Ministerial Committee recommended to the Technical Committee to conduct further study to find other tools other than The current measurement tool, the surplus in the commercial stock to measure the success of the agreement, and then offer to the meeting of the Ministerial Committee on June 21 next.
    Al-Ghais stressed "the interest of the Ministerial Committee to monitor the agreement to reduce production, to achieve balance in the global oil market, and to confirm their monitoring of these markets closely and follow every development in them, and deal with them vigorously serves the interests of consuming and producing countries of oil."
    He attributed the rise in prices in the recent period to "political tensions in the region and speculation about the impact of US sanctions on Iranian oil exports, adding that the main factors in support of this increase, also include a decline in production of Venezuela, estimated at 600 thousand barrels per day than agreed in the agreement , A huge figure, in addition to the continuing decline in other countries such as Angola, Mexico, amid the high commitment of the majority of the other countries participating in the agreement. 

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