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Reuters: OPEC will postpone production policy decision to June likely DinarDailyUpdates?bg=330099&fg=FFFFFF&anim=1

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Post by claud39 on Mon Mar 04, 2019 12:50 pm

http://economy-news.net/content.php?id=15635



Reuters: OPEC will postpone production policy decision to June likely


04/03/2019





Reuters: OPEC will postpone production policy decision to June likely 13382







Economy News - Baghdad


(Reuters) - OPEC and its partners are unlikely to make any decision on production policy in April, it is too early to see a clear picture of the impact of their supply cuts on the market by then, three OPEC sources said on Monday.
 
The deal is expected to be agreed on by the OPEC + agreement in June, the sources said. The extension of the deal is the likely scenario so far, but many things will depend on how US sanctions affect both OPEC member Iran and Venezuela .
 
"The likely decision so far is to extend the agreement in June, there is nothing else planned for April, just an OPEC (OPEC) cooperation agreement and producers from outside," an OPEC source said.
 
OPEC and its allies will hold their next meeting in Vienna on April 17 and 18.
 
Another OPEC source said the likely outcome of the June meeting was to "extend" current oil production cuts .
 
"But the production of exempted countries is already less than 700,000 barrels per day (bpd) already from October levels, there may be some adjustments," the second source said.
 
On January 1, the Organization of the Petroleum Exporting Countries (OPEC) and its allies began a new cut in output to avoid a speck of rough supply that could cause prices to fall. OPEC, Russia and other non-OPEC producers - the so-called OPEC alliance - have agreed to cut production by 1.2 million bpd for six months .
 
OPEC's quota for production cuts is 800,000 barrels per day, which is being applied by 11 members after Iran, Libya and Venezuela are excluded from the cut .
 
A Reuters survey showed OPEC oil production fell to its lowest level in four years in February, as Saudi Arabia and its Gulf allies cut their supplies more than the target in the coalition agreement, while Venezuela's output fell further .
 
The United States imposed sanctions on Venezuelan state oil company PDVSA in January, slowing exports. The production of Venezuela, once one of Opec's three largest producers, has already been declining for years because of the economic meltdown .
 
Venezuelan Oil Minister Manuel Kevedo, currently on the American list of priorities, is currently OPEC's president. KEVIDO will remain in office as OPEC president, sources with the organization said .
 
Iran is also subject to US sanctions, which cut its oil exports by almost half.But in November, Washington granted exemptions from sanctions to some buyers of Iranian crude, allowing them to continue importing as long as they cut purchases significantly. The United States is expected to decide whether to renew exemptions for oil-consuming nations on May 4 .
 
"OPEC is now watching to see if things are going to get worse with Venezuela and Iran ... that's what worries us now," the WHO's first source said.
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