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«OPEC» combine to reduce the oversupply and price subsidies
1/12/2016 0:00
[rtl] Follow - up / Farah pumice
met members of the Organization of Petroleum Exporting Countries (OPEC) on Wednesday to agree on their individual production quotas for each country , including, to reduce oversupply, and support for raising the price of a barrel in world markets.
There was a mood of optimism ahead of the meeting, amid hopes unanimously approved by the member and non - member oil producers in the world to reduce global supply.
And it reached OPEC , which produces one - third of the world 's oil preliminary agreement in Algiers last September to cut production to between 32 and 33 and a half million barrels per day from its current level at 33 million and 640,000 barrels in order tosupport prices.
Informal meeting yesterday and already the organization 's headquarters in an informal meeting of the Park Hyatt Hotel in Vienna, to discuss an agreement aimed at restricting oil production and to support crude prices.
The OPEC meeting in Algeria that it will exclude Iran, Libya and Nigeria to cut production due to damage to production as a result of unrest and sanctions.
OPEC sources pointed out that the documents prepared for the ministerial meeting of theOrganization proposes to cut the total oil production of the Organization by 1.2 million bpd from October levels.
Besides , said Iranian Oil Minister Zanganeh Beijing earlier before the scheduled meeting, that his country is ready to Abakaaly oil production at levels that OPEC agreed at its meeting in September in Algeria.
The documents also suggest that Saudi Arabia cut its production to 10.07 million bpd from October levels , amounting to 10.54 million barrels a day and demonstrate Iran 'soil production at 3.797 million barrels
per day.
Oil prices rose in volatile trading ahead of the meeting, where the price of Brent crude futures increased in dollars or the equivalent of 2 percent to $ 47.40 a barrel, after Iraq 's OPEC delegate told that the organization will reach an agreement on production at theupcoming meeting.
West Texas Intermediate crude rose 29 cents , or 0.6 percent , to $ 45.52 a barrel.
Global market indices ended yesterday on a high and stability, while watching theoutcome of the OPEC meeting, where the benchmark Nikkei index at 18,308.48 points ,unchanged, and rose broader TOPIX index 0.86 points or 0.06 percent to 1,469.43 points.
Dow Jones index also closed at 19123.0000, by changing 0.6411 percent, in addition to the Nasdaq index , which closed at 4872.7002, an increase of 0.0554 percent.
Italy scored index stable, closing at 16903.50, as well as a rise in the Australian index ,which closed at 5435.50, change rate was 0.3312 percent.
The US dollar rose against other currencies during the Organization of Petroleum Exporting Countries meeting (OPEC) to achieve at the close 100.4100, change rate was 0.0300 percent.[/rtl]
[rtl]http://www.alsabaah.iq/ArticleShow.aspx?ID=127380[/rtl]
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