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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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    Reuters: Some OPEC+ ministers head to Riyadh to attend the alliance meeting

    Rocky
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    Reuters: Some OPEC+ ministers head to Riyadh to attend the alliance meeting Empty Reuters: Some OPEC+ ministers head to Riyadh to attend the alliance meeting

    Post by Rocky Sat 01 Jun 2024, 10:33 am

    Reuters: Some OPEC+ ministers head to Riyadh to attend the alliance meeting

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    Two sources in the OPEC+ alliance told Reuters that although the alliance meeting scheduled for tomorrow, Sunday, to decide on oil production policy, will be held online, a number of OPEC+ ministers intend to travel to the Saudi capital, Riyadh, to participate in it.
    The OPEC+ alliance includes the countries of the Organization of the Petroleum Exporting Countries (OPEC) and other countries, including Russia, and will decide its production policy for the rest of 2024 and perhaps next year.
    Sources said that the coalition is expected to discuss a complex agreement that may extend the period of major oil production cuts until 2025, according to Reuters.
    Sources reported on Friday that a number of OPEC+ ministers had been invited to go to Riyadh.
    OPEC+ members are currently reducing production in total by 5.86 million barrels per day, or about 5.7 percent of global demand.
    Some sources indicated that tomorrow's meeting will include countries that are making voluntary cuts in supplies by 2.2 million barrels per day as part of the coalition's comprehensive efforts aimed at curbing supplies, achieving balance in the market, and supporting crude prices.
    These additional cuts are scheduled to expire this month.
    The countries implementing a voluntary reduction are Algeria, Iraq, Kazakhstan, Kuwait, Oman, Russia, Saudi Arabia and the UAE.
    OPEC+ has made a series of cuts since late 2022 amid an increase in production from non-member countries such as the United States and concerns about demand in light of rising interest rates.
    Tomorrow's meeting to determine production policy was originally scheduled to be held in person in Vienna at OPEC headquarters, but it was decided to hold it online last week.
    A series of meetings are expected to begin at 0900 GMT tomorrow.
    In addition to the production cuts, OPEC+ is scheduled to discuss the production capacity of member countries, an issue that has long sparked controversy.
    Estimating production capacities helps the OPEC+ alliance determine the basic production numbers upon which cuts are made.


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