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"Russian Lukoil" supports the resumption of negotiations with "OPEC"

rocky
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"Russian Lukoil" supports the resumption of negotiations with "OPEC" Empty "Russian Lukoil" supports the resumption of negotiations with "OPEC"

Post by rocky on Fri 20 Mar 2020, 2:40 am

"Russian Lukoil" supports the resumption of negotiations with "OPEC"

  •  Time: 03/1920 2020 15:37:37
     
  •  Reading: 1,339 times
     
  • Categories: Economic

"Russian Lukoil" supports the resumption of negotiations with "OPEC" -759
  
(International: Al Furat News) The deputy head of the oil company "Lukoil", Leonid Fedon, said in a television interview that the Russian company supports the resumption of negotiations with "OPEC" and the Kingdom of Saudi Arabia, amid the worsening of the current situation in the oil market.
In response to a question, Fidon replied, "What is the strategy of" Lukoil "to work with" OPEC "and the Kingdom of Saudi Arabia in the current market situation ?:" Begin to agree again. "
He added: "But for this we must defeat the pessimism of those who actually tore this deal, because these are very influential forces, we cannot compare them in their influence, and this does not depend on us."
The head of the "Lukoil" company, Waheed Alkperov, had previously told investors that he expected a meeting this month of a committee of experts from "OPEC" and non-members of the organization to develop a proposal to stabilize oil prices.
Moscow rejected a proposal to increase production cuts from its current level by 1.5 million barrels per day until the end of the current world. For its part, Riyadh refused to extend the agreement to reduce production under the current conditions for a period of 3 months.
Saudi Arabia also immediately offered cuts in its oil prices for next April, and media reports spoke of the kingdom's intention to increase its production of crude oil to more than 10 million barrels per day, which contributed to the sharp decline in black gold prices.
In early March, the countries included in the agreement were unable to agree to change the criteria for the deal to reduce or extend oil production, and Moscow did not agree to the organization's proposal to increase production cuts and offered to maintain existing conditions, in exchange for Saudi Arabia's insistence on an additional reduction in oil production.
As a result, in early April, member states of the OPEC + deal are expected to withdraw from previously signed commitments.
Meanwhile, Riyadh announced, on the contrary, an increase in production and a reduction in black gold prices, which led to the collapse of quotations, since the beginning of the year, as prices more than doubled.
The price of Brent crude reached its minimum since May 12, 2003, at 26 dollars per barrel, while West Texas Intermediate crude reached the minimum since March 1, 2002, at 23 dollars per barrel, before oil prices witnessed Thursday afternoon, growth Regular and steady after the great collapse in the last period, which amounted to about 21%, and recording the lowest level of crude prices since the beginning of the first decade of the last century, according to trading data


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