Re: Secretary General of the "OPEC" is talking about the current situation in the oil market

by **Ponee** Fri Feb 24, 2017 9:55 am

Secretary General of the "OPEC" is talking about the current situation in the oil market 58ac5739c46188ab278b460e-620x330

[size=16]According to the Secretary General of the Organization "OPEC" Mohammed Barkindo, the oil market is still far from reaching a balance, despite the historic agreement on oil producers to reduce production in order to absorb the glut in the global market.
Barkindo said Tuesday February 21, said that while confidence has returned to the oil market as a result of reduced production agreement, but it is too early to say whether it should extend the agreement, which runs to the end of July 2015.

And the possibility of implementing the largest cut in production when the "OPEC" organization meets on May 25 / May said: "I think it would be too early to (talk about it) because the market is very changeable and it is increasingly difficult to predict."

Barkindo stressed that the SCO aims to strengthen the commitment agreement to reduce oil production in an effort to get rid of a glut in the supply of oil to markets, which impacted negatively on the prices.

Organization of Petroleum Exporting Countries output shrinking by 1.2 million barrels per day from the beginning of January, as Russia has agreed and ten other producers from outside the "OPEC" production also reduced by about 600 thousand barrels per day.

Barkindo said production data for the month of January in the latest monthly report for "OPEC" OPEC's commitment to the participating countries agreed production cuts show by more than 90%.

And it helps reduce production to support oil prices, which are now approaching $ 57 a barrel, compared with $ 30 a year earlier agreement. But the continuing rise in US inventories and expectations that the reduction of "OPEC" production will revive the US drilling for shale oil activities limits the rally.

02.23.2017

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