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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 falls from the highest level in four months amid doubts reduce production

    rocky
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    • Post n°1

    Oil falls from the highest level in four months amid doubts reduce production Empty Oil falls from the highest level in four months amid doubts reduce production

    Post by rocky Tue 11 Oct 2016, 2:41 am

    Oil falls from the highest level in four months amid doubts reduce production -1
    Oil falls from the highest level in four months amid doubts reduce production


     Reuters / New York-Riyadh-Moscow 

    Download the price of crude oil from its highest level in four months, on Monday, amid doubts the possibility of producers reached an agreement on meaningful production cuts, including pay some speculators to liquidate positions.
    Hostel International benchmark Brent crude futures by 23 cents to $ 51.70 a barrel by 0848 GMT, down more than two percent from its highest level in four months hit last Friday.
    US crude futures fell from the high levels recorded last week and lost 30 cents to $ 49.51 a barrel.
    It plans Organization of Petroleum Exporting Countries (OPEC) to reach an agreement on production cuts by the time of its meeting in late November with the aim of reducing production to between 32.5 million and 33 million barrels a day.
    The current OPEC production record level of 33.6 million barrels a day.
    He said the Saudi Energy Minister Khalid al-Falih said that "OPEC needs to ensure that no over-production curb and not to cause adverse shock in the market, adding that he was optimistic that an agreement on production by November."
    At the World Energy Conference in Istanbul, Faleh said that "OPEC needs to act in a balanced and responsible and that he still believes it is important the role of the organization."
    He said the Saudi Energy Minister Khalid al-Falih, that the Organization of Petroleum Exporting Countries (OPEC) need to ensure that no excessive restriction of production, adding that he was "optimistic possibility of reaching an agreement on production by November."
    He said Falih "prices much lower and that the impact on the investment of many companies and countries suffer, do not want to give the wrong signal to the market and we cause a shock to the market prices."
    Falih said he will meet with Russian Energy Minister Alexander Novak in Istanbul in the coming days to discuss Russia's reaction to the Algiers Convention, adding that a meeting of the Technical Committee between OPEC members and producers are not members of the organization will be held in two weeks.
    OPEC officials and participate in a series of meetings in order to finalize an agreement to Algeria, where it was approved a modest cut production in the first agreement of its kind since 2008.
    For his part, Russian Energy Minister Alexander Novak told reporters that his country would consider any proposal posed by the Organization of Petroleum Exporting Countries (OPEC) to cut production, but Moscow would prefer to install production.
    According to Novak, who is attending the World Energy Conference in Istanbul, he intends to meet with the Secretary General of OPEC, Mohammad Barkindo, Russia is the largest oil producer in the world and continues to increase its production.
    Said Novak Asked if Russia would consider production cuts to help balance global oil markets "in general, we will look at this (proposal), but I think that maintaining the production levels would be more appropriate for us."
    The Russian minister as the current excess supply in the world oil market at about one million barrels per day.

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