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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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    Sumo: New agreement seeks to cut OPEC production

    rocky
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    • Post n°1

    Sumo: New agreement seeks to cut OPEC production Empty Sumo: New agreement seeks to cut OPEC production

    Post by rocky Mon Mar 16, 2020 6:36 am

    Sumo: New agreement seeks to cut OPEC production

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    The Economy News - Baghdad:
    The Iraqi Oil Marketing Company (SOMO) has revealed efforts to conclude a new agreement for OPEC and its allied countries to reduce production and control oil prices in global markets .
    The general manager of the company, Alaa Al-Yasiri, said in a statement to the Iraqi News Agency (conscious), which was read to him by "Al-Iqtisad News". "The Algerian Oil Minister, as the head of the organization in its current session, sent a message to Iraq in which he called for an urgent technical ministerial meeting, and after that Iraq held contacts with member states and the Secretary-General of OPEC, and there was a desire and seriousness from everyone to negotiate again to reach an agreement on controlling Oil prices . "
    He pointed out that "the dispute occurred between Saudi Arabia and Russia because of the objection of the Russian member of the technical and control committees to the reduction, who stressed that his conviction is directed at extending the current agreement and not the reduction," noting that "the Saudi oil minister, his position was clear by reducing a million and a half million barrels ."
    Al-Yasiri added that "the proposed scenarios are that the dispute between Saudi Arabia and Russia is limited to the two ministers, and it can be addressed, while the other scenario is that the dispute is political, that is, by a decision from the leadership of the two countries, and this matter is difficult to address in the current circumstances," explaining that " Saudi Arabia and Russia are the most harmful oil exporting countries because of the low prices due to the volume of their exports .
    He stated that "some believe that Russia is seeking to reduce oil prices in order to hit the American shale oil, which received great losses due to lower oil prices." To him, which amounts to 50 thousand barrels per day due to the exceptional circumstances that he is going through . "
    Al-Yasiri added that "as a result of the recent global event of the spread of the Corona virus, global forecasting institutions issued pessimistic expectations, but they did not reach what the prices have reached by a major collapse, as a result of the lack of agreement of the oil producing countries, whether in OPEC or outside to reduce production." Stressing that "OPEC since 2017 until now, is preparing agreements aimed at regulating crude oil production in the world, and making production appropriate to the demand in the global markets, where the agreement was to reduce production by one million and 800 thousand barrels, after which it decreased to one million and 200 thousand barrels, but at the end The year 2019 has become one million and 700 thousand twirl Yell . "
    The Prime Minister, Adel Abdul-Mahdi, had previously directed the SOMO, with the continuous daily follow-up of the market and a look at the method of pricing crude oil and the repercussions of low prices globally .

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