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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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    Reuters: OPEC + may add about two million barrels per day of oil to the market

    Rocky
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    Reuters: OPEC + may add about two million barrels per day of oil to the market Empty Reuters: OPEC + may add about two million barrels per day of oil to the market

    Post by Rocky Thu 01 Jul 2021, 7:51 am

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    Reuters reported today, Thursday, that the OPEC + group is moving towards adding about two million barrels per day of oil to the market in the period between August and December .
    Reuters quoted a source in "OPEC +" as saying that "the monthly increases may amount to at least 0.5 million barrels per day ."
    He added that "Saudi Arabia and Russia, the largest producers in the "OPEC +" alliance, have initially reached an agreement to increase oil production as of August."
    Oil prices continued their gains thanks to the news, while benchmark Brent crude is trading at $76 a barrel, near the highest level in two and a half years .
    Sources said earlier that the "OPEC +" ministers will meet at a later time to decide on production policy, starting in August, and they may also consider extending the group's comprehensive agreement to restrict supplies beyond April 2022 .
    In order to face the severe damage to oil demand due to the Covid-19 crisis, “OPEC +” agreed last year to reduce production by about ten million barrels per day as of May 2020, provided that these restrictions end at the end of April 2022. The reduction is currently about 5.8 million. barrels per day .
    Earlier, a confidential report seen by "Reuters" stated that a committee of "OPEC +" warned of "great uncertainty" and the risk of a possible disruption to the global oil market after April 2022
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