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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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    $21 Billion In Losses For OPEC For The Year 2021

    Rocky
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    • Post n°1

    $21 Billion In Losses For OPEC For The Year 2021 Empty $21 Billion In Losses For OPEC For The Year 2021

    Post by Rocky Wed 02 Feb 2022, 7:01 am

    [size=38]$21 Billion In Losses For OPEC For The Year 2021
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    02/02/2022 | 5:14 PM
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    Information / translation.
    New data showed, on Tuesday, that the production losses of the oil-exporting countries (OPEC) amounted to 21 billion dollars in lost revenues in 2021.
    And Reuters said in a report translated by the agency "Information", that "data showed that OPEC missed its target to produce oil by more than 800,000 barrels per day on average last year, and lost billions of dollars in revenue and harmed members of the organization who are struggling to collect liquidity for investment."
    "According to the data, based on the $70 per barrel price of OPEC's basket of oil, 800,000 barrels per day of lost production is about half of Britain's daily consumption - equivalent to about $21 billion in lost profits for the group in 2021," he added.
    And he added, "After record production cuts in 2020, the Organization of the Petroleum Exporting Countries, which includes the Organization of the Petroleum Exporting Countries and allies led by Russia, gradually eased its restrictions on oil production as demand recovers from the worst impact of the Corona virus epidemic."
    And while others are matching production targets - which have recently risen by 400,000 barrels per day across the group - analysts say spare capacity has dwindled, with spare capacity, production that can be put into operation on short notice, as a vital cushion. To protect the market from any shock, and mitigate price fluctuations and sudden rises.”
    On the one hand, analyst Goldman Sachs said in a note, “Standby capacity remains very low, with concerns about the production capacity of Russia, Kuwait and Iraq that those concerns are likely to be realized by the summer, when demand increases seasonally and international travel reopens.”
    The report indicated that “OPEC and its allies are expected to abide by the previously agreed plan to increase March production by 400,000 barrels per day when they meet next Wednesday, although two OPEC sources told that higher prices may prompt the organization to consider other steps.” . finished/ 25 z
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