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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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    Bloomberg .. OPEC revises production estimates at the request of Saudi Arabia

    rocky
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    • Post n°1

    Bloomberg .. OPEC revises production estimates at the request of Saudi Arabia Empty Bloomberg .. OPEC revises production estimates at the request of Saudi Arabia

    Post by rocky Tue 30 Mar 2021, 2:50 pm

    [size=39]Bloomberg .. OPEC revises production estimates at the request of Saudi Arabia

    Free / Subtitles - Washington
    March 30, 2021
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    A panel of OPEC + technical experts agreed to review oil demand estimates for 2021 after Saudi Arabia indicated that the number appeared to be too high, according to [You must be registered and logged in to see this link.] which cited committee officials.
    This step, which Algeria also supported, comes days before the group’s meeting to discuss production levels next May, after a recommendation from the Secretary-General of the Organization of Petroleum Exporting Countries (OPEC) Mohamed Barkindo that "the coalition remains very cautious."
    And at the previous meeting, this sense of caution led to the sudden decision to maintain virtually all of the group's production restrictions, rather than to increase production in anticipation of the economic recovery after the coronavirus pandemic.
    While fuel demand in the United States showed strong signs of a recovery, the resurgence of the virus undermined the recovery elsewhere, which convinced the group that they had "made the right decision," according to representatives of OPEC countries, some of whom spoke to Bloomberg, asking not to be named.
    "While the past month witnessed many positive developments, it also witnessed a reminder of the continuing doubts and fragility caused by the Corona epidemic," Barkindo said at the start of the OPEC Joint Technical Committee timed conference on Tuesday.
    OPEC had estimated that the demand for oil would grow by 5.9 million barrels per day this year with the recovery of the global economy from the Covid-19 epidemic.
    However, purchases of crude oil in Asia quickly slowed and oil supplies swelled as Iran's exports to China increased in defiance of US sanctions.
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