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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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    The oil minister expects more measures to absorb the surplus oil

    Rocky
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    • Post n°1

    The oil minister expects more measures to absorb the surplus oil Empty The oil minister expects more measures to absorb the surplus oil

    Post by Rocky Wed 22 Apr 2020, 2:23 am

    The oil minister expects more measures to absorb the surplus oil

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    Economy News _ Baghdad
    Iraqi Oil Minister Thamer Al-Ghadban said on Tuesday that OPEC + and other producers may take additional measures to control the oversupply of crude oil that is fueling panic in global markets.
    Al-Ghadhban's speech came after his participation with a number of OPEC + ministers directly meeting via an electronic department centered at the headquarters of the Organization of Petroleum Exporting Countries (OPEC +) to discuss the implications of the sharp drop in oil prices, as well as measures that can be taken during the subsequent period.
    Al-Ghadban said in a statement received by "Al-Iqtisad News", that the meeting heard a report by the OPEC Research Center on the evaluation of the oil market situation during the current period and expectations for the next stage, especially after the recent OPEC + agreement, which provides for a reduction of (9.7) million barrels per day.
    Al-Ghadban added, "The meeting also dealt with the repercussions and causes of the decline in oil prices in the American market, and the effects of this on other global markets."
    He pointed out, "The agreement in this meeting to intensify contacts between the (OPEC +) ministers for the purpose of closely watching the developments in the oil market and the changes that occur in it, after the agreement entered into force as of May 1, 2020."
    Al-Ghadban added, "The recent production cut agreement is one of the measures and steps taken to absorb the oil surplus in global markets after the spread of the Corona epidemic."
    The anger did not rule out taking other measures by the ministers of the producing countries, but this depends on the developments of the global market, and the extent of the commitment of producers from OPEC + and the rest of the producers from outside it to the agreement to reduce production.
    According to the statement, the meeting included the ministers of all of Algeria, Nigeria, Venezuela, Kazakhstan, Azerbaijan, in addition to the Secretary General of the Organization of Petroleum Exporting Countries (OPEC).
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