OPEC members and other producers, who for about a year negotiated, agreed very quickly during the Saturday meeting. This is the first such talks producers that are not members of the cartel in 2001.
Russian energy Minister Alexander Novak said that “it was a unique opportunity for manufacturers to affect the balance of the market (crude oil). And not using this opportunity would be a mistake.” Russia will reduce the extraction of raw materials 300 thousand. barrels. Low oil prices very seriously curtailed Russia’s budget revenues.
it was Agreed that the two countries – Libya and Nigeria – will not cut production of oil, given the unstable internal situation, which already affects the production decline.
November 30, at the summit in Vienna, OPEC decided to reduce output from January it will decrease by about 1.2 million barrels of oil per day, i.e. more than 3 per cent., to 32.5 million barrels per day. This is the first such decline in production ceiling since 2008.
even then, Novak has promised that “Russia is ready to accede to the agreement (…) will gradually reduce their production in the first half of 2017 to 300 thousand. barrels of oil per day.”
the Decline in oil production in the suggestion to slow down the pace of the price trend. And in fact, prices increased significantly after the decision of the cartel; but some, according to analysts, is that rapidly rising prices will be stable.
Odgrywająca dominant role in OPEC, Saudi Arabia has assumed a significant part of the decline, as its production is reduced by almost 500 thousand. barrels per day-to 10.06 million barrels.
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