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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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    OPEC+ does not respond to US pressure to increase oil production

    Rocky
    Rocky
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    OPEC+ does not respond to US pressure to increase oil production Empty OPEC+ does not respond to US pressure to increase oil production

    Post by Rocky Tue 17 Aug 2021, 7:04 am

    OPEC+ does not respond to US pressure to increase oil production

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    Reuters quoted 4 sources as saying that the Organization of the Petroleum Exporting Countries and its allies, including Russia, believe that "the oil markets do not need to pump more", contrary to what they plan to pump in the coming months, despite US pressure to provide more crude to stop the rise in oil prices.
    One of the four sources stated: "I don't think there is a need (for additional oil beyond what is already planned)".
    The administration of US President Joe Biden urged OPEC and its allies, "OPEC +", last week to increase oil production to counter the rise in gasoline prices, which it sees as a threat to the global economic recovery.
    And “OPEC +” agreed in July to increase production by 400,000 barrels per day, starting in August, until its current production cuts of 5.8 million barrels per day were gradually phased out.
    But despite that, oil prices fell more than 1 percent on Monday, falling for a third session, after official data showed a slowdown in refining productivity and economic activity in China, in an indication that the new outbreak of Covid-19 is affecting the second largest economy in the world.
    Brent crude fell 90 cents, or 1.3 percent, to $69.69 a barrel by 06:49 GMT.
    US crude fell 97 cents, or 1.4 percent, to $67.47 a barrel.
    The data showed China's factory production and retail sales growth slowed significantly in July, contrary to expectations as a new outbreak of COVID-19 and a wave of floods disrupted business activity.
    "Weaker oil futures are likely to be a result of weaker-than-expected growth data in China, a major oil consumer," said Kelvin Wong, market analyst at CMC Markets in Singapore.
    Crude oil refining in China fell last month to its lowest on a daily basis since May 2020, as independent refineries cut production amid quota cuts, rising inventories and falling profits.
    China is the largest importer of oil in the world.
    In Japan, the fourth largest importer of crude oil in the world, many analysts expect modest economic growth in the current quarter, as household spending was affected by the renewal of work restrictions aimed at containing Corona injuries. 
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