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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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    Oil expert: Voluntary production cuts are in the interest of “OPEC +” countries and deter US “manipu

    Rocky
    Rocky
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    Oil expert: Voluntary production cuts are in the interest of “OPEC +” countries and deter US “manipu Empty Oil expert: Voluntary production cuts are in the interest of “OPEC +” countries and deter US “manipu

    Post by Rocky Tue 04 Apr 2023, 6:02 am

    [size=45][size=41]Oil expert: Voluntary production cuts are in the interest of “OPEC +” countries and deter US “manipulation” of prices[/size]
     14 hours ago
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    Iraqi oil expert Hamza Al-Jawahiri revealed, on Monday, that the voluntary reduction of crude production by some “OPEC +” countries, including Iraq, had a positive effect on prices.
    Al-Jawahiry said in a press interview, which was seen by “Takadam”, that “as soon as the OPEC + countries, including Iraq, announced a voluntary cut in their oil production before their meeting today, Monday, this led to an increase in prices by $ 5 a barrel, although the implementation of the cut will be early next month.” .
    And that "this increase in the price of oil will go to bridge the difference in the event of a reduction."
    Al-Jawahiri added, "OPEC will not acquiesce to America's policy, which continued to pump large quantities of oil, which is around one million to one and a half million barrels per day, into the markets from its strategic storage in order to reduce prices and determine these prices according to what it deems appropriate for it."
    He stressed that "controlling prices by America affects the sovereignty of OPEC at its core, as the organization seeks to maintain market balance and price stability at the level of $80 a barrel, which is fair to producers and consumers alike."
    He continued, “OPEC has understood America not to manipulate and control the oil market alone, and that OPEC is responsible for the economy of the countries that are members of it, and it will continue to monitor the markets.” years, and it continues to do so in order to confront OPEC, which is a war-like confrontation.”
    And he stressed that "OPEC will continue to monitor the markets, and the voluntary reduction made by the member states is considered a smart step, and Iraq will not be affected by this cut, which is decided at 211 thousand barrels, because the increase in oil prices will cover the reduction and increase."
    Yesterday, Sunday, several oil-producing countries, led by Iraq and Saudi Arabia and 6 other countries affiliated with OPEC +, announced a reduction in their oil production at the beginning of next month, until the end of this year.
    And the Iraqi Ministry of Oil announced, on Sunday, that Iraq will voluntarily reduce its oil production by 211 thousand barrels per day from next May until the end of 2023, indicating that its aim is to take precautionary measures to face the challenges facing the global oil market, and to achieve a balance between supply and demand and market stability. .
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