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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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    Two sources: (OPEC Plus) is studying a gradual increase in oil production in August

    rocky
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    Two sources: (OPEC Plus) is studying a gradual increase in oil production in August Empty Two sources: (OPEC Plus) is studying a gradual increase in oil production in August

    Post by rocky Tue 22 Jun 2021, 7:06 am

    Two sources: (OPEC Plus) is studying a gradual increase in oil production in August

    •  Time: 06/22/2021 14:33:16
       
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    {Economist: Al Furat News} Two sources familiar with talks with the OPEC + group said on Tuesday: that the group is studying another gradual increase in oil production, starting in August, as oil prices rise thanks to the recovery in demand, but it has not yet taken a decision on the exact size.
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    The Organization of the Petroleum Exporting Countries (OPEC) and its allies, known as OPEC +, are re-pumping 2.1 million barrels per day into the market from May to July as part of a plan to gradually end record oil production cuts that began last year. OPEC+ meets on July 1.
    “It is very likely that there will be a gradual increase from August," one of the sources said, adding that no final decision had been made and specific volumes had not yet been agreed.
    The talks mean that OPEC and Russia are likely to find common ground on oil production policy. Moscow insists on increasing production further to avoid a jump in prices, while major OPEC producers, such as Saudi Arabia, have not issued any indications about the next step so far.
    A source in the Russian oil sector told Reuters on Tuesday that Russian producers see August as the right time to continue easing oil production cuts, despite the expected return of Iranian crude exports, as the market is experiencing a deficit.
    The source added that "unstable" US production also supports the issue of easing restrictions.
    Oil prices fell on Tuesday, after Brent rose above $75 a barrel for the first time since April 2019 and at a time when OPEC + began discussions about increasing oil production, but the prospects for strong demand support prices.
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