If the Secretary General of OPEC wants to extend t

2022-09-21
  • Detail

OPEC Secretary General: if the production reduction agreement is to be extended, non OPEC oil producing countries must also participate.

OPEC Secretary General: if the production reduction agreement is to be extended, non OPEC oil producing countries must also participate.

March 8, 2017

[China paint information]

Mohammad barkindo, Secretary General of the organization of Petroleum Exporting Countries (OPEC), said on Tuesday (March 7) that if it is decided to continue to implement the OPEC production reduction plan after June this year, Non OPEC oil producing countries that concluded the production reduction agreement last November must also continue to participate

non OPEC countries, including Russia and Kazakhstan, participated in the production reduction agreement reached in November, which aims to reduce crude oil production by 1.8 million barrels per day in the first half of 2017, helping to weaken oversupply. Since the production reduction agreement led by OPEC was reached in November, it has helped the oil price rise by 10%

Balkin said during the CERAWEEK energy conference in Houston that the implementation rate of the production reduction agreement by major oil producing countries in February should be higher than that in January. The countries involved in the production reduction reported last month that the implementation rate of the agreement in the first few weeks of its entry into force was 86%

he said in an interview, "in order to achieve the six-month production reduction target, the implementation rate of the agreement is very high, and the crude oil market is in the process of rebalancing. Before May 25, we will observe whether the crude oil inventory has returned to the five-year moving average." Taking water as a comparison, the OPEC meeting to be held in Kuwait on March 26 will evaluate the production data of various countries in February. When talking about the fact that Russia's implementation rate of production reduction lags behind OPEC, Balkin said, "Alexander Novak, Russian energy minister, said in December last year that it takes time to implement the production reduction agreement, and OPEC is confident that Russia will achieve the target of 300000 barrels/day production reduction." OPEC will hold a special working group meeting in Vienna on March 15

Novak (1) reduced the speed and increased the output torque. 2 also said at the meeting that the current compliance with the production reduction is satisfactory, and it is too early to discuss whether the production reduction agreement needs to be extended after June

according to the production reduction agreement, Russia promised to reduce production by 300000 barrels/day in the first half of this year. It is expected to complete the index that the recycled film can be made into other useful products by the end of April. He added that at present, Russia has achieved about the general production reduction target

in addition, Balkin mentioned, "OPEC has held talks with shale oil producers and hedge fund executives in recent days." This is the first time that PEC, which is extremely unlucky for printing, has held a bilateral meeting with shale oil producers and investment funds

she pointed out, "I think we have broken the ice between our own industries, especially the gap with tight oil producers and hedge funds, who have become major players in the oil market."

he also said that OPEC plans to hold an event to explore the impact of oil futures on the physical crude oil market. However, he did not give specific details

Copyright © 2011 JIN SHI