[size=36]The oil minister reveals the details of the emergency OPEC meeting[/size]
[You must be registered and logged in to see this link.] [You must be registered and logged in to see this link.]
, Deputy Prime Minister and Minister of Oil Thamer Al-Ghadban revealed, on Saturday, the details of the agreement reached by the emergency meeting of the "OPEC +" OPEC countries producing oil and the countries allied with it, and the agreement includes a daily production of 10 million barrels. Starting with a reduction of 8 million dollars per day for a period of six months, then a third reduction for the year 2021 and the first four months of the year 2022, by 6 million barrels, confirming that the success of the agreement aimed at restoring balance and compatibility to the markets of Al Globalization, lies in the extent of cooperation of non-OPEC and OPEC + countries in maintaining markets stability, and the recovery of markets is also dependent on the extent of control and elimination of the Corona epidemic.
And between the anger, that "the producing countries resorted to this agreement to reduce to ensure that there is stability in the market, and reduce the large storage in most countries, which has reached very large quantities."
The Minister of Oil stressed that "the meeting agreed that the measure for reducing oil according to members’ shares for the production of the tenth month of 2018, and according to this month, the reduction will be calculated, ”explaining that“ reducing the ten million barrels of OPEC + will be 23 percent of the quantities of what will constitute Therefore, all countries will abide by this reduction. "
Al-Ghadban revealed that there is a "technical problem related to the quantities produced by the State of Mexico in the month of 10 of the year 2018, which prepares the scale for the reduction of countries, which led them to wait to sign the agreement, and that they agree to the agreement."
He continued: "The (Group of Twenty) meeting also includes Russia, Mexico and Saudi Arabia, and they are members of it, and hopes are placed on it to influence Mexico and persuade it to agree to the minutes of the (OPEC +) meeting, and if that was done then the (OPEC) and (OPEC +) countries ) Beginning from next Tuesday, the operations will be carried out on the occasion of the Easter holiday, which started on Friday and ends on Monday, as during this occasion no sales and purchases of oil are made during this occasion.
The Minister of Oil stressed, "Hopes are also pinned on a number of countries outside (OPEC) and (OPEC +), including America, Canada, Brazil, Norway, and other countries, to reduce their production by five million barrels per day. If this happens, then the total reduction will be 15 million barrels. Every day, which would create stability and balance in global markets. "
And by saying: "On the other hand, the demand for oil will witness a significant decline during this year, mainly because of the spread of the virus and the overflow of oil."
The anger stressed that "the risks that accompany this agreement are that the reduction is limited only to (OPEC) and (OPEC +) countries that have taken this measure and they are only those who adhere to it and others do not adhere to it, and on this, they will benefit from the oil." Therefore, this solution will not be sustainable, and the other danger is the continued spread of the Corona epidemic in industrialized and other countries and its non-receding in it, which would prolong the extent of the crisis. ”Ended 29 / A 43