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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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    Moscow ruled out the formation of a joint entity with the "OPEC"

    Rocky
    Rocky
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     Moscow ruled out the formation of a joint entity with the "OPEC" Empty Moscow ruled out the formation of a joint entity with the "OPEC"

    Post by Rocky Sat 29 Dec 2018, 1:40 am

     Moscow ruled out the formation of a joint entity with the "OPEC" 735456_Med
    Moscow ruled out the formation of a joint entity with the "OPEC"


    Russian Energy Minister Alexander Novak has ruled out forming a joint entity with the Organization of Petroleum Exporting Countries (OPEC).
    "There is consensus that there will not be such an organization because this requires additional administrative procedures in terms of funding and the question of the producers' bloc with the US side," Novak said, according to Reuters. .
    As for future cooperation with OPEC, Novak explained that "this will not be an organization, this mechanism of cooperation ... to meet, to discuss, to adopt some memorandums of understanding and joint decisions."
    Novak said Russia would be able to increase its annual output by about 10 million to 15 million tons (200 to 300,000 bpd) over the next two years.
    Currently, the United States, which is not part of the Global Compact, pumps 11.6 million barrels per day of crude oil, higher than that of Saudi Arabia and Russia.
    Novak said it was only a matter of time before US oil production began to fall.
    "I think they have some difficulties. Despite the recent boom in their production, their efficiency has decreased and it is difficult for them to raise funding. "


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