Things To Know About Opec’s New Deal

On July 18, OPEC agreed on how to conduct oil supply in the coming months, ending the two-week proliferation of the basic output.OPEC has reached a new agreement. Artwork / https: //kinhtexaydung.petrotimes.vnGame OPEC hopes that this new unified front will reassure the market that: No oil war is outbreak

. The Ministers of the OPEC Union held a meeting on July 18, two weeks after failing to reach an agreement due to the opposition of the United Arab Emirates (UAE) - the third largest manufacturer OPEC of Saudi Arabia and Iraq - Insert that their basic production must be raised. Through reconciliation and negotiations in the past two weeks, OPEC has overcome the deadlock and reaches A compromise agreement was adopted by the Minister at the meeting on 18 / 7. Group agreed to extend the current deal from April 4/2020 to the end of December 122022
OPEC will add 400,000 barrels / day (BPD) starting in August 2021 and until it removes all 5.8 million barrels / day where the group is currently standing outside the market, due to demand for global oil Good. "The meeting recognized the continuous strengthening of the basic factors of the market, with oil demand with clear improvement and OECD reserves decreased, when the economic recovery continued in most In the world with the help of vaccination programs, Opec said in a statement. The core of the controversy from previous weeks: Reference production level was also solved by a compromise . Effective from May 1, 2022, the UAE will have a higher reference level, but Saudi Arabia, Russia, Iraq and Kuwait too.uae will see its base levels raised to 3.5 million barrels / day in May 5/2022, from 3.168 million barrels / day as now. The reference of Kuwait will be raised to 2.959 million BPD from 2,809 million BPD and Iraq will see its base increase to 4
803 million Barrel / day from 4.653 million barrels / day. Arabia and Russia each country will have a reference level of 11.5 million barrels / day from May 5/2022, up from 11 million barrels / day. Addition will have a reference level higher than 1.63 million barrels since May next year, including 1 million barrels / day for two Opec leaders, Saudi Arabia and Russia. However, this Doesn't mean that the members will produce more than that, the higher baseline shows that OPEC is looking for higher production capacity, which will allow this organization to continue to be a manager Oil school in the old years.Nigeria and algeria NG asked to modify their corresponding basic production level, but their level was not adjusted. Their requirements may be considered at the following stage. Impassion on July 18 has eliminated the uncertainty of the oil market since the beginning of July. Market observers are concerned that if OPEC does not Achieving consensus on future policies, another oil price war can be exploded. Agreement "has ended a 2 weeks uncertainty and the risk of collapse in the coalition Export, "Vanda Insights said in a note. Saudi's Energy Minister Arabia and UAE spoke in a press conference on July 18 and repeated their dialogue commitment. "We appreciate the constructive dialogue that we had with Prince and OPEC", Energy Minister UAE Suhail Al Mazroui said when referring to Saudi Energy Minister of Saudi Arabia, Prince Abdulaziz Bin Salman. "I confirmed that the UAE committed to this group and will always work with the group, will do our best to achieve market balance and help everyone. The UAE will remain a committed member in the OPEC alliance, "said Al Mazroui information to the press after the meeting." Building a consensus is an art, "Abdulaziz Bin Salman said and refused to indicate consensus How to build. Although oil prices fell on July 19, this agreement was considered positive for the oil market, with OPEC to ensure an additional supply of 400,000 barrels a day and agree to meet monthly to consider the basic principles. Before July 19, analysts and forecasts feel that this agreement has prevented the collapse of oil prices, which should be sure if The negotiations ended with a battle of oil-based oil price in March 2020 between Saudi Arabia and Russia. The supply of monthly supply is also considered to prevent oil prices so much, this Can destroy some oil needs and accelerate inflation. "This is a sign that OPEC wants to continue managing the market and reduces inventory sales," Amrita Lotus with Energy Aspects said with FI NANCAL TIMES. "OPEC compromise to stay" - Prince Abdulaziz Bin Salman said at the meeting.HTTPS: //KinhTeXaydung.Petrotimes.vnBao Vy - Thanh Xuan

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