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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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    Rising oil prices backed by Iran's oil minister ended the OPEC meeting without a deal on production

    Rocky
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    • Post n°1

    Rising oil prices backed by Iran's oil minister ended the OPEC meeting without a deal on production Empty Rising oil prices backed by Iran's oil minister ended the OPEC meeting without a deal on production

    Post by Rocky Wed 20 Jun 2018, 2:33 am

     Rising oil prices backed by Iran's oil minister ended the OPEC meeting without a deal on production


    Rising oil prices backed by Iran's oil minister ended the OPEC meeting without a deal on production 624

    Crude oil futures rose during the Asian session, shrugging off the rise of the US dollar index and stability from the highest in a year according to the inverse relationship between them after the comments of Iranian Oil Minister Bijan Zanganeh, which expressed the likelihood of the meeting of the Organization of Petroleum Exporting Countries expected on 22-23 June In Vienna without agreeing on a course for oil policy.
    US crude futures for July delivery rose 0.31% to $ 65.27 a barrel from $ 65.07 a barrel. Brent crude futures for August delivery rose 0.35% to 0.35% At $ 75.34 per barrel compared to the opening at $ 75.08 per barrel, while the dollar index rose 0.07% currently trading at levels of 95.08 compared to the opening at 95.01.
    Recent reports have pointed out that both Iran and Venezuela, as well as Algeria, oppose the proposal to increase oil production, which Russia and Saudi Arabia have adopted recently, which could lead to the failure to reach a joint agreement between the oil-exporting countries to increase production in Expected meeting of the Organization in Vienna.
    The failure to reach an agreement between the Organization of Petroleum Exporting Countries (OPEC) and its non-OPEC producer allies, led by Russia, could push Russia to withdraw from the 1.8 million barrels per day (bpd) global oil production cut by the end of this year and increase its output individually.
    Expectations that the potential production increase may range between 300 to 600 thousand barrels per day less than the initial forecast at one million barrels per day, knowing that Russian Energy Minister Alexander Novak said yesterday that his country's largest energy producer globally will propose an increase in production by 1.5 million barrels per day during the meeting of the Technical Committee of OPEC.
    Novak also said that global demand for oil is growing and markets are already recovering, so it would be logical to increase production during the third quarter of this year, adding that there will be another meeting next September to consider market reaction to potential increases.

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