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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 “OPEC +” alliance keeps the plan to reduce production cuts in July at the same levels

    Rocky
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    • Post n°1

    The “OPEC +” alliance keeps the plan to reduce production cuts in July at the same levels Empty The “OPEC +” alliance keeps the plan to reduce production cuts in July at the same levels

    Post by Rocky Wed 02 Jun 2021, 7:24 am

      The “OPEC +” alliance keeps the plan to reduce production cuts in July at the same levels

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    The OPEC + alliance agreed to maintain the plan to reduce production, which it approved last April, which included a gradual increase from May to next July, by 350 thousand barrels in May, 350 thousand barrels in June, and 400 thousand barrels in next July.
    The same three months also witness the return of one million barrels from Saudi Arabia, which represents the voluntary reduction taken by the Kingdom during the first months of this year, bringing the volume of production returned to the oil market to about 2.1 million barrels during that same period.
    And the Organization of Petroleum Exporting Countries (OPEC) expected that the demand for oil will return to the rates of 2019, the year before the pandemic, by 99 million barrels per day, as of the fourth quarter of 2021.
    According to a statement by the organization issued yesterday, Tuesday, coinciding with the ministerial meeting of the “OPEC +” alliance, it is expected that the average demand for oil in countries outside the Organization for Economic Cooperation and Development will rise by about 6.8%, equivalent to 3.3 million barrels per day this year, and by approximately 6.4%, or 2.7 million barrels per day in OECD countries.
    Mohammed Barkindo, Secretary-General of the Organization, said in his speech: "Two months ago, the fifteenth ministerial meeting of OPEC and non-OPEC countries took a forward-looking step to gradually increase production, in line with the bright expectations of both the economy and oil demand. Today falls The start of the second month of gradual production increases, and our compass continues to point in the direction of a permanent recovery.”
    Barkindo added that gradual progress is being made in providing vaccines, with about 1.9 billion doses being distributed globally, and millions more being given every day.
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