OPEC in a historic agreement to cut oil production .. Tehran and Riyadh transcend differences

[ltr]OPEC in a historic agreement to cut oil production .. Tehran and Riyadh transcend differences[/ltr]

 Since 29/09/2016 16:14 pm (Baghdad time)
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[ltr]Follow-up scales News[/ltr]
[ltr]Contrary to what was expected, it reached the Petroleum Exporting Countries, in Algeria, to the "historic agreement" to reduce oil production to support prices, which fell for a long time due to oversupply in the market.[/ltr]
[ltr]At the conclusion of the meeting lasted about 6 hours and consultations lasted for weeks, announced the Organization of Petroleum Exporting Countries (OPEC) on Wednesday evening that they decided to cut production to between 32.5 and 33 million barrels a day, while the production of 33.47 million barrels in August / August last , according to the international energy agency.[/ltr]
[ltr]It is the largest cut in production since the cut which was approved following a drop in prices during the 2008 crisis.[/ltr]
[ltr]He said Qatar's Energy Minister Mohammed Bin Saleh Al-Sada, who chairs the meeting, told a news conference that "the meeting was very long, but historic."[/ltr]
[ltr]He added that while the market made "positive signals", particularly the decline in inventories and steady demand, "We have to speed up the rebalancing of the market."[/ltr]
[ltr]Russia also[/ltr]
[ltr]However the agreement was announced, the price of oil recorded in the Asian markets, an increase of sometimes 6% and continues to advance, although weaker pace.[/ltr]
[ltr]When one o'clock GMT, the price of a barrel of oil light (light sweet infraction,) delivered in November to $ 47.29 after rising 23 cents.[/ltr]
[ltr]The barrel for Brent, the European benchmark crude for November delivery lost profit of 22 cents to $ 48.91.[/ltr]
[ltr]It will discuss ways to implement the agreement during the SCO summit in Vienna on 30 November.[/ltr]
[ltr]And will be especially a higher committee to determine the levels of production that can be applied to each country. This committee will begin a dialogue with the major countries are not members of OPEC, notably Russia, the second oil producer in the world, in order to participate in the re-balance of the markets efforts.[/ltr]
[ltr]Moscow had expressed support for freezing production at a record high recorded in September / September.[/ltr]
[ltr]For his part, Algerian Energy Minister Noureddine Bouterfa expressed satisfaction with the agreement. He said that "OPEC has taken a historic decision today." He added that "OPEC's decision to allow the Organization to restore function (monitoring) the oil market, a position it lost a long time ago."[/ltr]
[ltr]He stressed that "this decision was taken unanimously and without reservation," explaining that the informal meeting turned into an extraordinary session of the Organization to allow for the possibility of making a decision.[/ltr]
[ltr]This was the cartel, which includes 14 countries, gave up his role as a regulator of the markets in the face of the boom in the production of American rock hydrocarbons, to adopt a defense strategy for his shares in the market. This has allowed the production of a prolific prices account.[/ltr]
[ltr]Production set by OPEC is equivalent to some extent the volume of production in March / last March (32.47 million barrels), according to International Energy Agency figures.[/ltr]
[ltr]However, the size of the reduction remains less than the size of the rise in OPEC production over the last year, since the cartel to pump 930 thousand additional barrels over a year last August.[/ltr]
[ltr]Markets were expecting the meeting not result in any agreement.[/ltr]
[ltr]However, analysts believe that such an agreement does not change the fundamentals of the market in something, and analysts said the "IBM or Capital Markets," a group that production quotas set by OPEC were not respected by the cartel members yet.[/ltr]
[ltr]Saudi waiver[/ltr]
[ltr]Analysts reckon not reach an agreement because Saudi Arabia and Iran, the two rivals in the Middle East, Hkkta the possibility of reaching a common ground. The differences between them toppled the previous attempt to freeze production in April / April in Doha.[/ltr]
[ltr]But the Qatari minister said that the meeting took place in an atmosphere of "very positive reflected the strong interdependence of OPEC."[/ltr]
[ltr]For his part, Iranian Oil Minister Bijan Namdar Zangana said he was "very happy."[/ltr]
[ltr]The Iranian minister said that Iran is "not ready" to freeze production at current levels, stressing that the goal is to reach production to 4 million barrels a day, slightly more than the current production, which ranges between 3.6 and 3.8 million barrels per day size.[/ltr]
[ltr]And Saudi Arabia, the largest OPEC countries, requiring initially to carry out any cut in production, a similar move from other countries. But Riyadh affected by the economic decline in oil prices, like other countries, has adopted a softer stance.[/ltr]
[ltr]The energy minister of Saudi Khalid al-Falih said, last Tuesday evening, that the Kingdom would agree to allow Iran, along with Libya and Nigeria "maximum production levels have meaning."[/ltr]
[ltr]These two countries Odafthma internal conflicts pumping less than their energies not want to abandon exports generate Alojunba.anthy 29 / tc, cash[/ltr]


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