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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

Many Topics Including The Oldest Dinar Community. Copyright © 2006-2020


    OPEC President: Global oil stocks fell by 160 million barrels within a year

    Rocky
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    OPEC President: Global oil stocks fell by 160 million barrels within a year Empty OPEC President: Global oil stocks fell by 160 million barrels within a year

    Post by Rocky Tue 08 Jun 2021, 7:18 am

    OPEC President: Global oil stocks fell by 160 million barrels within a year

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    On Tuesday, the Secretary-General of the Organization of the Petroleum Exporting Countries, Muhammad Barkindo, announced that global oil stocks had fallen by 160 million barrels in one year.
    In a virtual appearance at the Nigeria International Petroleum Summit, Barkindo said that OPEC and its allies expect a further decrease in oil inventories in the coming months, indicating the success of the producers' efforts to support the market.
    He explained that "oil stocks in the developed world fell by 6.9 million barrels in April, down by 160 million barrels from the same period a year ago," expecting that "we will see more reductions in the coming months."
    The Organization of the Petroleum Exporting Countries (OPEC) and its allies - known as OPEC+ - decided in April to return 2.1 million barrels per day to the market from May to July. Producers stuck to that decision at last week's meeting, sending oil prices higher.
    He pointed out that "the market continued to respond positively to the decisions we took, including the upward adjustments in production levels that began in May of this year," noting that "OPEC + complied with 114% of the production restrictions agreed upon in April." / April".
    While noting that the vaccine launch and "massive fiscal stimulus" helped spur an optimistic outlook, he said global disparity in vaccine availability, rising inflation and the continuing outbreak of COVID-19 pose ongoing risks to oil demand.
    He added during a later session at the conference that while OPEC did not deny climate change, the global economy still needed oil.

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