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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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    Saudi Arabia: “OPEC +” has become more committed and flexible

    Rocky
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    Saudi Arabia: “OPEC +” has become more committed and flexible Empty Saudi Arabia: “OPEC +” has become more committed and flexible

    Post by Rocky Tue 23 Aug 2022, 4:42 am

    [size=35][size=35]Saudi Arabia: “OPEC +” has become more committed and flexible[/size]
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    Economie

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    2022-08-22 | 13:00
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    Saudi Energy Minister Prince Abdulaziz bin Salman bin Abdulaziz stressed today, Monday, that the volatility of oil markets and poor liquidity are giving wrong signals to the markets at a time when the need for clarity is most urgent.


    And “Bloomberg” agency quoted the minister as saying, “The OPEC Plus group is more committed and flexible, and it has means within the framework of the cooperation declaration mechanisms that enable it to deal with these challenges, which include the possibility of reducing production at any time, and in different ways, which was proven by the OPEC Plus group. repeatedly and clearly during the years 2020 and 2021 AD.






    Prince Abdulaziz bin Salman stressed that “the oil futures market has fallen into a vicious and recurring negative cycle consisting of severe weakness in liquidity and volatility in the markets, which together undermine the most important basic functions of the market, namely, effectively accessing appropriate and correct prices, and making the cost of hedging and managing The risks are very great for dealers in the spot market, and this situation has a significant negative impact on the smoothness and effectiveness of dealing in the oil markets, and the markets for other energy products, and other commodities because it creates new types of risks and concerns.”
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    He pointed out that "this episode is becoming increasingly negative with allegations that are not actually based on evidence about a drop in market demand, repeated news about the return of large quantities of supplies to the markets, ambiguity and uncertainty about the possible effects of setting a price limit on crude oil and its products, and the embargo measures." and imposing sanctions.

    On the impact of the fluctuating situation on the performance of the markets, the Saudi Energy Minister said, “This situation is very harmful, because without sufficient liquidity, the market cannot meaningfully reflect its real reality, but it can, in fact, give a false sense of security, at a time when the spare production capacity is limited. very high, and the risk of severe supply disruptions is very high.”

    The Saudi Energy Minister said, "We will soon start working on drafting a new agreement beyond 2022 AD, in which we will continue to build on our previous experiences, achievements and successes, and we are determined to make the new agreement more effective. negatively in the fundamentals of the market’s performance, and undermined its stability, only increases our determination to achieve this.”
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