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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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    Doha is important to set a date for a meeting to freeze oil production

    Rocky
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    Doha is important to set a date for a meeting to freeze oil production Empty Doha is important to set a date for a meeting to freeze oil production

    Post by Rocky Fri 15 Apr 2016, 4:03 am

    Doha is important to set a date for a meeting to freeze oil production
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    12:00 
    15/04/2016
    Major oil producers meet on Alahaddalmqubl in Doha in an attempt to reach an agreement to freeze production to reduce the excess supply in the market and revive the crumbling prices, amid doubts about Iran responded with this offering.
    Despite the show of Qatar "an atmosphere of optimism," analysts are divided on the expected results of the meeting, which will include members of the Organization of Petroleum Exporting Countries (OPEC), notably Saudi Arabia and countries from outside the organization, notably Russia, and the extent of the negative impact or a positive impact on prices and oil markets, according to The agency "AFP."
    The meeting comes after four oil agreement states, notably Saudi Arabia and Russia in February to freeze production at January levels, provided that other big producers an obligation to do so.
    Fouad Razak Zada, an analyst at "City Index" financial institution and says "the general impression that it will be agreed in Doha to freeze production at the January level," likely to "give it an extra boost prices in the short term."
    And recorded some improvement in oil prices during the last period, after the decline began in mid-2014, and a barrel of oil lost about 70 percent of its price. Prices continued to rise in the past few days with the anticipation of the Doha meeting.
    But to reach an agreement during the meeting is not guaranteed, due to the differences between the big producers, especially arch rivals Saudi Arabia and Iran.
    The kingdom has insisted it would not abide by an agreement to freeze production unless Iran offered on the same step. The newly Islamic Republic belonging to the global oil market does not want to freeze production at the level of January, the month in which began a lifting of Western sanctions imposed on it.
    OPEC said in a report Wednesday that Iran was producing 3.3 million barrels a day in March, compared to 2.9 million in January.
    And excludes Fahad Al-Turki, head of the research department at the company, "the feasibility of investment", based in Riyadh, "the Saudi Arabia cut its production (...) and to accept large increases in production of other producers."
    Turkey believes that a comprehensive agreement among the participants at the Doha meeting may contribute to confidence-building between the oil producers and the boot to cut production in the future.
    Qatar did not officially announce the names of the countries participating in the meeting, knowing that he had invited her to confirm all the OPEC countries, including Iran, to the meeting.
     
    And we stayed the effect of the agreement that was reached in February, which included Saudi Arabia, Russia, Venezuela and Qatar, the limited markets.
    OPEC warned in its monthly report last Wednesday of the continuing surplus in oil supplies, as well as reduced slightly its forecast for growth of global oil demand this year, noting that it may reduce them even further.
    The back drop in oil prices globally for several reasons, including the surplus in the supply, especially after the increased US shale oil production, as opposed to the decline in demand, particularly from China.
    This decrease and liver oil states billions of dollars in revenue.
    After recording its lowest level in 13 years in February ($ 27 per barrel), regained some of the oil recovered in recent weeks, and traded this week, little more than forty dollars a barrel, the highest.
    International Energy Agency warned on Thursday against excessive expectations in the construction of the meeting.
    In the opinion expert on oil affairs at Georgetown University, Jean-Francois Seznec said the Iranian position only problem will not be at the meeting, because Iran's ability to increase its production in 2016 is limited to about 300,000 barrels a day.
    He explains, "I think that the main source of concern for producers will not be if Iran froze its production or not, but whether Russia will do so", noting that Moscow is one of the most prominent producers outside OPEC.
    Prior to the organization that refused to cut output despite the gradual decline in prices.The resolution, which pushed back at him several countries, most notably Saudi Arabia, to the fear of losing OPEC market share if its production is reduced, and you do not the other producing countries (non-OPEC) to do so.
    The OPEC hopes by not cutting production, directed by types of oil with a high cost of production of the competition, such as oil shale US, the fact that low demand will make him weak.
    The organization pointed out in its report that the member states produced 32.25 million bpd in March, almost Thelthelha from Saudi Arabia, up from the rate of production in 2015, which was a 31.85 million bpd.
     
    He says an analyst at the financial institution "Natekes" Dahbandi Abhishek told AFP that "the freeze talks between OPEC countries and beyond will determine the speed in which they can restore balance to the markets, and the extent to which oil prices to rise."
    He adds that if the freeze agreement included Iran, will make "markets perfectly balanced" in the third quarter of this year.
    According to estimates, the surplus in the first quarter of 2016, 2.3 million barrels per day. In case of continuation of this trend, it is estimated that stocks of strategic and commercial 1.5 billion barrels by summer
    He sees an analyst at "Saxo Bank" Christopher Dmbek that "whatever the outcome of the meeting, the price of oil will not soon recover to the level leads to overall financial balance for the majority of producers."
    And it warns that failure to agree could bring the price per barrel to levels ranging between 30 and 33 dollars.




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