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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


    ECONOMISTS WARN OIL PRODUCERS OF FALLING PRICES

    Rocky
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    • Post n°1

    ECONOMISTS WARN OIL PRODUCERS OF FALLING PRICES Empty ECONOMISTS WARN OIL PRODUCERS OF FALLING PRICES

    Post by Rocky Sun Jul 11, 2021 9:40 am

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    [You must be registered and logged in to see this image.][You must be registered and logged in to see this link.]1 hour ago22

    Economic experts, today, Sunday, oil producers from the possibility of a decline in prices, due to the rift within the Organization of Petroleum Exporting Countries (OPEC).
    And strategist Julian Lee explained in an analysis published by Bloomberg News Agency, that "when the OPEC Plus alliance, which includes 23 countries, failed to reach an agreement earlier this month to increase production, the market was worried that the world would suffer from a shortage of oil supplies." .
    Julian Lee said, "Saudi Arabia and Russia, the two largest producers in the alliance, have drawn up a plan to increase OPEC Plus production by 400,000 barrels per day every month until the end of the year, and perhaps for a longer period. They also wanted to extend the production agreement until the end of 2022, rather than letting it expire at the end of April.
    He added, "The first part seemed easy. The 13 OPEC countries and their allies agreed on the need to pump more oil to meet the increasing demand as the world recovers from the Corona pandemic.
    However, not everyone supported the extension of the agreement, at least not in its current form.
    The UAE refused the extension if the coalition did not adjust the base point of production quotas, on which the following production rates are calculated, as it considers them unfairly low. This is what Saudi Arabia rejects.
    Saudi Arabia blamed the UAE for blocking an agreement to increase oil supplies to the market in the coming months. With the news of the failure, oil prices rose. US West Texas crude rose to its highest level since 2014.
    Julian Lee says, "Prices were supposed to remain sharply higher, but the failure of OPEC Plus created a vacuum that was filled with pessimistic speculation. The day after West Texas crude reached its highest level in six and a half years, prices fell by six dollars a barrel. .
    With no date set for the next alliance meeting, the current agreement remains in place, which means that production will not increase until May 2022 .
    But no one sees this as believable. Even if the UAE does not withdraw from OPEC or begin to increase production - and has announced that it will not do either, at least for now, it is unlikely that other producers will stick to their production targets when customers clearly need more of their production.
    None of the producers wants to return to the production without Borders for All that followed the tensions in relations in March 2020. However, they are likely to repeat the same.
    The alliance now needs to remain as smart as it was during the past period in increasing production more quickly. There is a real danger of this happening in an out-of-control fashion if they cannot agree on a compromise.
    Until a solution is reached, the focus will be on any amount of data, with every ministerial statement and every observation made by an oil analyst, and the markets will react to any indicator, even if it is small.
    Julian Lee concluded his analysis by saying, don't be surprised if you find Twitter full of rumors of an impending price war, this is what is causing the controversy: It creates fertile conditions for uncertainty and speculation... For this reason, it is in the interests of both countries to find common ground and have one message. The longer this takes, the higher the market risk."
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