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OPEC is considering extending production cuts 6 months

rocky: NNP TEAM; Posts : 222914
Join date : 2012-12-21

Post n°1

OPEC is considering extending production cuts 6 months

by rocky Wed 27 Nov 2019, 3:10 am

2019/11/26 13:55:18

[rtl]The Organization of Petroleum Exporting Countries (OPEC) is considering approving an extension of the agreement to reduce oil production for a period of three to six months, after March 2020, the Russian news agency TASS reported, citing informed sources.[/rtl]

[rtl]OPEC is part of an alliance (OPEC +), which includes independent producers led by Russia, in the agreement to reduce oil production by 1.2 million barrels per day from early 2019 until the end of March.[/rtl]

[rtl]"Renewing the agreement after March is the minimum we can do. But most likely we will not increase the cut," the agency quoted a source as saying, adding that one option would be a six-month extension.[/rtl]

[rtl]Another source said the possible extension is three months, until June 2020.[/rtl]

[rtl]"After that there will be a new meeting, and we will decide what to do," the source said.[/rtl]

[rtl]Another source said OPEC + "also agrees to extend production cuts after March," without specifying a duration.[/rtl]

[rtl]On Wednesday, Russian President Vladimir Putin said his country intended to continue cooperating with the OPEC + alliance to stabilize the global oil market.[/rtl]

[rtl]It is scheduled to hold a coalition, a meeting at the level of oil ministers in Vienna, on December 5, to discuss the policy of oil production, in the light of economic changes in the world, amid the possibility of Russia does not agree to further production cuts.[/rtl]

[rtl]In mid-October, the Secretary-General of the Organization of Petroleum Exporting Countries (OPEC), Mohamed Barkindo, said that the alliance (OPEC +) is committed to maintaining the stability of the oil market after 2020, despite indications of declining demand for crude.[/rtl]

[rtl]https://www.shafaaq.com/ar/%D8%A7%D9%82%D8%AA%D8%B5%D9%80%D8%A7%D8%AF/%D8%A3%D9%88%D8%A8%D9%83-%D8%AA%D8%AF%D8%B1%D8%B3-%D8%AA%D9%85%D8%AF%D9%8A%D8%AF-%D8%AE%D9%81%D8%B6-%D8%A7%D9%84%D8%A5%D9%86%D8%AA%D8%A7%D8%AC-6-%D8%A3%D8%B4%D9%87%D8%B1/
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