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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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    Agreement to freeze oil production at January levels

    day dreamer
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    • Post n°1

    Agreement to freeze oil production at January levels Empty Agreement to freeze oil production at January levels

    Post by day dreamer Wed 17 Feb 2016, 12:01 am

    Agreement to freeze oil production at January levels

         
     


     2/17/2016 0:00


    Capitals and agencies
     Qatar's energy minister said on Tuesday: that he agreed with the oil ministers of Saudi Arabia, Russia and Venezuela to freeze their production of oil at the levels of the month in January, provided the participation of the top producers for them in this endeavor. Said Mohammed bin Saleh Al Sada told a news conference at the conclusion of the closed-door meeting in Doha, said the move would restore stability to the oil market.     Oil prices in Asia tended to rise on Tuesday after the high hopes of investors in Saudi Arabia and Russia discussed in the Doha meeting the issue of oversupply, which hurt prices.
    The price of a barrel of light oil (light sweet infraction,) March delivery in electronic trade in Asia to $ 1.33 at $ 30.77.
    The price of European benchmark Brent North Sea oil for delivery in April, to $ 1.15 has risen to $ 34.54.
    The Doha meeting is of great significance because it brings together major oil producers in the world, especially Saudi Arabia, a member of the Organization of producing countries (OPEC), like Venezuela, Qatar, Russia's biggest oil producers outside the Organization. The meeting comes amid a turbulent situation in global oil markets, after a surplus of supply quantities led to a significant decline in prices, suffered its impact on the producing countries a huge loss of revenues. OPEC refused, driven primarily the decision of Saudi Arabia and the Gulf states Other, cut output in an effort to stabilize prices. It promised to countries in the Organization's decision to cut a solo production will lead to the loss of market share, and will not contribute to the recovery of prices, that did not take producing countries outside the Organization similar step.     Said Daniel Ang, an analyst at Phillip Vetcherz group in Singapore: The «hope fueled by information from major oil producers went to Doha».
    Oil prices lost seventy percent of its value since June 2014 when the price of a barrel varies from about a hundred dollars.     And it resulted from an excessive display is able to absorb, especially the Chinese economy, where economies are no longer declining consumption.
    According to Bloomberg News, for its part, he said Saudi Oil Minister Ali al-Naimi held a special meeting with Russian Energy Minister Alexander Novak in Doha.
    Daniel Ang said: «It seems that Russia was invited to a small circle of OPEC countries» Organization of Petroleum Exporting Countries. They said «but we are pessimistic in the possibility of reaching an agreement among the participants in this meeting.» Earlier, Nigeria's oil minister said that the situation began to change within OPEC of mistrust to a growing consensus of the need to reach a decision on how to halt the global decline in oil prices, and added that he would hold talks with Saudi and Qatari counterparts.

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