"OPEC +" announces production cuts of 10 million barrels per day from May for two months
Dinar Daily :: DINAR/IRAQ -- NEWS -- GURUS and DISCUSSIONS :: IRAQ and DINAR -- ARTICLE BASED INFORMATION and DISCUSSIONS
Page 1 of 1
"OPEC +" announces production cuts of 10 million barrels per day from May for two months
10-04-2020 12:23 AM
Baghdad / news
"OPEC +" affirmed in a statement issued on Thursday, to reduce oil production by 10 million barrels per day as of May 1, 2020, and for an initial period of two months.
A source said, according to "Reuters", that the "OPEC +" coalition will cut 10 million barrels per day, while other producing countries will reduce about 5 million barrels per day.
He added, that the alliance agreed in principle to cuts of 10 million barrels per day in May and June this year.
The agency quoted other sources as saying that the "OPEC +" group is considering production cuts that will extend for at least two years, in order to support global energy markets.
The source of "OPEC" indicated that Russia and Saudi Arabia will reduce 23% from the base level of 11 million barrels per day.
The group had said earlier that it wanted the United States, one of the three largest oil producers in the world, to participate in the Russia and Saudi Arabia agreement to reduce production.
https://www.ikhnews.com/index.php?page=article&id=213139
RamblerNash- GURU HUNTER
- Posts : 20265
Join date : 2015-02-19
Re: "OPEC +" announces production cuts of 10 million barrels per day from May for two months
@RamblerNash wrote:
10-04-2020 12:23 AM
Baghdad / news
"OPEC +" affirmed in a statement issued on Thursday, to reduce oil production by 10 million barrels per day as of May 1, 2020, and for an initial period of two months.
A source said, according to "Reuters", that the "OPEC +" coalition will cut 10 million barrels per day, while other producing countries will reduce about 5 million barrels per day.
He added, that the alliance agreed in principle to cuts of 10 million barrels per day in May and June this year.
The agency quoted other sources as saying that the "OPEC +" group is considering production cuts that will extend for at least two years, in order to support global energy markets.
The source of "OPEC" indicated that Russia and Saudi Arabia will reduce 23% from the base level of 11 million barrels per day.
The group had said earlier that it wanted the United States, one of the three largest oil producers in the world, to participate in the Russia and Saudi Arabia agreement to reduce production.
https://www.ikhnews.com/index.php?page=article&id=213139
Saudi Arabia and Russia agree to reduce 5 million barrels per day, while the other OPEC countries 5 million barrels
09/04/2020

Economy News - Baghdad:
Saudi Arabia and Russia agreed in principle on Thursday to agree to implement the largest organized oil production cuts in decades, after a month-long dispute and falling demand due to the Corona virus crisis that destroyed oil prices .
Prices rose before the announcement, before suddenly losing momentum and giving up most of its gains on a day of volatile trading. US crude rose 3.4% to $ 25.95 a barrel, and Brent crude rose 3.2% to $ 33.91 a barrel, having previously risen by 10% .
Two of the largest oil producers in the world joined a coalition of other countries by phone conference, in an effort to solve the global crude glut. The meeting includes representatives from 13 countries of the Organization of Petroleum Exporting Countries (OPEC), 10 countries led by Russia, and a handful of other oil producing countries .
For Saudi Arabia, production restrictions will include reducing its current production level of 12 million barrels by 3.3 million barrels per day, while Russia has agreed to reduce two million barrels per day from its current production of 10.4 million barrels per day .
Delegates agreed to cut production by 10 million barrels per day in May and June, according to OPEC officials. Officials said they would then continue to restrict 6 million barrels per day until April 2022. These people said late in the meeting, a participant, Mexico, raised a last-minute protest, and threatened to cancel the deal before finally softening .
With coronavirus outbreaks moving around the world leading to travel restrictions and suspension of work, oil consumption is expected to decrease by up to 30 million barrels per day this month .
"The fundamentals of supply and demand are terrifying," said OPEC Secretary-General Mohamed Barkindo. He said that the decline in the second quarter alone "is close to 12 million [bpd] and will widen", which is "unprecedented in the modern era ."
During the video call, Russian Energy Minister Alexander Novak said that only concerted actions by OPEC, Russia and other countries will achieve results, as demand for oil and storage around the world fell .
The silent market reaction came in this context .
"Perhaps the market is betting on a slightly larger volume than what has been announced," said Björnar Tonjögen, head of oil markets at the consultancy Restad Energy. "It also lacks details when it comes to the baseline level and whether the deal depends on cooperation from other countries outside OPEC +."
Bob McNally, a former White House adviser, said the Saudi restrictions would be the largest ever on a monthly basis. It will be the largest in an extended period since the 1980s, when European and American competitors flooded the market and produced 6.5 million barrels per day .
Russia and Saudi Arabia hope that the United States will join production restrictions. But their current plan expects up to 4 million bpd of cuts coming from outside their alliance. But the Trump administration has so far refused to formally participate in any cuts. President Trump said the cuts would happen because of coronary virus erosion of oil demand .
"I think the cuts are automatic, if you believe in the markets, " Trump said at a White House news conference on Monday .
Thursday's deal in principle effectively ends the bruising oil price war between Saudi Arabia and Russia that saw oil prices drop 55% in March .
And early last month, Saudi Arabia cut crude oil prices and said it would raise production to record levels after talks with Russia failed to respond to a coronary virus outbreak. The effort was an attempt to capture market share from Russia. But the ensuing oil defeat, which sent prices to unprecedented levels in 17 years, hindered many US shale producers .
Saudi Arabia and Russia are also awaiting positive signals from a virtual conference of the Group of Twenty nations due to be held on Friday. Major oil producers such as the United States, Canada and Brazil will attend. Organizers in Texas - the largest oil producer in the United States - are due to discuss on April 14th whether to force companies to cut production .
Instead of the usually crowded room at OPEC headquarters in Vienna, the rally was ostensibly to respect social space reserves that became the norm .
In Vienna, Mr. Barkindo watched Russian Energy Minister Alexander Novak speaking on a flat-screen TV. In Tehran, Iranian Oil Minister Bijan Zangana from his office joined a team of masked officials .
claud39- VIP NewsHound
- Posts : 17704
Join date : 2018-11-04
Dinar Daily :: DINAR/IRAQ -- NEWS -- GURUS and DISCUSSIONS :: IRAQ and DINAR -- ARTICLE BASED INFORMATION and DISCUSSIONS
Page 1 of 1
Permissions in this forum:
You cannot reply to topics in this forum
» Central Bank: changing the exchange rate achieved the desired results
» After Erbil, the dollar exchange rate soared in Baghdad
» The dollar jumps in Iraq 4/13/21
» Iraq: The World Bank called on us to raise the exchange rate of the dollar to 160,000 dinars
» A boom in the exchange rate of the dollar in Iraq after the invitation of the World Bank
» Governor of the Central Bank meets a delegation from the French Development Agency
» Iraq resumes the transit of goods through its territories to neighboring countries
» Electricity: The moderate season has improved processing hours, and we are preparing for the summer with 22,000 megawatts
» Video - Frank26: "4-12-21......PHASE 1, PHASE 2, PHASE3.......I TOLD YOU SO"
» Footforward: "the dinar rate...will be one to one" 4/12/21
» MilitiaMan: "They want stability and will get it with a stable exchange rate that is not 1460" 4/12/21
» MilitiaMan: "The issuance of a new currency...One where they raised the price of the IQD" 4/12/21
» Judy: "On Sun 11 April they expected to finish vetting Cabal-connections to ten plus Groups so that funds could launch for payouts" 4/12/21
» Fleming: "Our military intel contact said that Ramadan that starts now will not interfere with the RV liquidity release" 4/12/21
» MarkZ: "There were articles this weekend from Iraq that referred to the RV of the Dinar in “past tense”" 4/12/21
» Economist: more than $ 87 billion worth of state real estate outside Iraq
» Pessimistic expectations of an economist regarding monetary reserves and external debt over the next two years
» Dollar/Dinar rates continue to rise in Baghdad 4/12/21
» Foreign currency exchange climbs, Iraq’ central bank said
» The US Treasury records a deficit of more than 600 billion dollars
» Al-Kazemi: We have succeeded in stopping the waste and the great corruption in the Central Bank auction, and we will not stop
» Iraq and Iran sign a five-year agreement to enhance economic cooperation between the two countries
» Iraq pledges to pay back Iranian debts soon
» Representative economics recommends boosting imports to cope with price hikes
» Minister of Resources: Makhoul Dam will provide more than 20 thousand job opportunities
» Riots, Murders, Nuclear Terror and Chaos as Western Political System Implodes
» The President of the Kurdistan Region and the US ambassador discuss "strategic dialogue"
» A member of Parliamentary Economy talks about 3 dangerous files related to the economy, the Iraqi dinar, and the population
» The Iraqi President signs a decree to hold early parliamentary elections on October 10
» IMF: The race between pandemic and vaccination will determine recovery in 2021
» The implications of the economic reality on national security .. future scenarios
» Fleming Update: "the Admirals group people reporting launch Sun night 11 April" 4/10/21
» sheila is ...especially expectant this week.
» RVAlready claims -- They are setting the exchange rate for the currency.
» RayRen98 says- Budget law is now effective and in place and there is no going back -- CBI is up to bat.
» "Federal Supreme" in Iraq begins its work
» Arab and Islamic countries announce the first day of Ramadan
» Deputy reveals the truth about the existence of Arab economic alliances with Iraq and talks about 3 criteria for success
» Iraq is taking measures to fully control the border crossings