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Committee looking to extend the OPEC production cut


yota691
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19 minutes ago, yota691 said:

Alsumaria News / Baghdad
considered the CEO of BP Global, said on Tuesday that the price of oil between $ 55 to $ 60 sounds good. 

Yota Thanks,  DV,  Whatever it takes to RV / RI your currency we know they are all "Greedy" so rise on up to $60 a barrel and push the "Green Button" so we all can cash in and your citizens have more purchasing power and "Return The Dinar To Its Former Glory" CBI words not ours.....Wishful thinking but Dream BIG.....:):D

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History of edits:: 17.02.2017 12:31 • 62 visits readable
Oil rises supported the possibility of extending the OPEC agreement to cut production
[Where-up] 
Oil prices rose Friday , supported by the report that the Organization of Petroleum Exporting Countries [OPEC] has extended production cuts , which aims to curb the glut of global supply agreement.
By 0750 GMT , it was the World London Brent crude traded in the futures price of $ 55.77 a barrel , up 12 cents from the previous settlement price. 
Rose WTI US mediator in the futures seven cents to $ 53.43 a barrel. 
And working OPEC and other producers outside the organization, including Russia to cut production by about 1.8 million barrels per day during the first half of 2017 and it is estimated that the proportion of OPEC 's commitment to the agreement nearly 90 percent. 
The cuts aimed at curbing oversupply , which put pressure on the market since 2014. 
To contribute to the rebalancing of the market effective cooperation from OPEC sources said that reducing the supply agreement may be extended if it shows all the top producers. "" 
At the present time we are still stocks are high and supply levels , especially in the United States where the increased production has helped push crude and fuel stocks to record levels.
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History of edits:: 17.02.2017 17:08 • 34 visits readable
Iraq is looking forward to owning a large fleet of oil tankers
[Where-up] 
Oil Minister Ali Jabar Luaibi, on Friday, that Iraq is looking to build, own a large fleet and modern oil tankers.
Allaibi pointed out that "it is a necessity to improve the work of the Iraqi Tanker Company commensurate with the achievements of the national production of crude oil and gas and increased oil and gas exports , the level of rates." 
Allaibi said , according to a press statement while chairing a meeting with officials at the company 's headquarters in Basra province, " The Ministry is keen to restructure the company 's mission to develop its work through building and owning a large fleet and modern oil tankers in the process of transportation and marketing of oil to all parts of the world, as well as rehabilitation technical, engineering and administrative staffs, and her husband advanced training courses and workshops in the field of work and allocated according to international standards. " 
According to the website of the company Iraqi oil tankers, the state - run Iraqi tanker fleet because of a run - down of the second Gulf War in 1991. The company has up to 24 tanker in the eighties. 
Indeed , Iraq 's second - largest producer among the Organization of Petroleum Exporting Countries "OPEC" members after Saudi Arabia.
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We expect full implementation of several other things as well. Looking forward to owning a fleet of oil tankers ? I guess you'll just " borrow " the money to get those too, huh.

its all about expectation, isn't it ? Saying a thing doesn't make it so. ACTION, ok 👌 

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4 hours ago, 10 YEARS LATER said:

We expect full implementation of several other things as well. Looking forward to owning a fleet of oil tankers ? I guess you'll just " borrow " the money to get those too, huh.

its all about expectation, isn't it ? Saying a thing doesn't make it so. ACTION, ok 👌 

Countries are going to have to stop funding these programs and force Iraq to stand on their own two feet. If not they will leaching off who ever steps up to get into Iraq.  It is just how business is done until someone forces their hand.  

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2 hours ago, ChuckFinley said:

Countries are going to have to stop funding these programs and force Iraq to stand on their own two feet. If not they will leaching off who ever steps up to get into Iraq.  It is just how business is done until someone forces their hand.  

Oh, were it so that folks such as us were the ones to TURN OFF THE TAP !!!!!

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{OPEC}: $ 300 billion oil investment losses

 

 

   
 

 
 


2/18/2017 0:00 

Despite achieving positive economic indicators 
capitals / follow - up to the morning of the 
Secretary - General of the Organization of Petroleum Exporting Countries OPEC Mohammed Barkindo stressed that global spending on exploration and production fell by about 26 percent in 2015, fell an additional 22 percent in 2016, indicating that the investment losses It amounted to more than $ 300 billion over three years, returned process continued contraction of investments in the oil industry has never seen before. 
He pointed out that the organization will continue to work to promote stability in the ever recover the oil market after the price collapse , which occurred in mid - 2014, by more than 80 percent. 
And saw Barkindo in a report on his participation in the Riyadh at the seventh session of the meetings of the International Energy Forum , and the International Energy Agency and the Organization "OPEC" which focused on the expectations of the energy market, the price decline in the past few years has led to disorder and shock and wide in the market across the oil and gas industry, but In the global economy in general, which led to the loss of thousands of job opportunities and reduce budgets, and the cancellation or postponement of projects, then freeze investments and some companies went into bankruptcy. 
He pointed out a disturbing scenario facing the industry, there is a need for new investments in oil related to the amount of ten trillion dollars until the year 2040 in order to meet the world 's growing demand for energy in the future, pointing out that the oil market today are having difficulty in meeting this level of investment. 
According to Barkindo, all these factors have forced OPEC to quickly take the necessary measures to adjust the market after everyone realized that the lack of action to face the dangers threatening more serious consequences. 
Barkindo said: 'The first meeting of the Ministerial Committee of Five to monitor production cuts has seen success and a commitment to a broad and latest positive impact on the level of oil prices , it was agreed that all the follow - up mechanisms. 
He pointed to the rise in futures contracts for crude oil prices sharply to their highest level in 18 months and reached stakes business managers to record prices hit new highs, along with expectations of gains continuing in price, and in addition to that we have seen a rise in economic output and an improvement in the labor market despite the rising inflation in some major advanced economies. 
Barkindo added that these good omens for the industry give us an assurance that we are moving in the right direction towards achieving our common goal of restoring market stability and reviving many of the required investments. 
The Secretary of the Organization 's deep appreciation for Saudi Arabia , which holds this year 's presidency of the OPEC conference, pointing out that Khalid Al - Falih, Minister of Energy and Industry and Mineral Resources led the great success of the Organization 's efforts in the past months , which resulted in production cuts to support the market balance agreement. He pointed out that Al - Falih is characterized by knowledge and extensive experience in the industry as prudent in its new style to the responsibilities of OPEC.
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Drilling companies count on the full implementation of the agreement «OPEC»

 

 

   
 

 
 


2/19/2017 0:00 

Baghdad / follow - up to the morning 
increased American energy companies , the number of oil rigs for the fifth consecutive week to continue the ongoing recovery in nine months, with the benefit of drilling companies from the Organization of Petroleum Exporting Countries agreement (OPEC) on production cut , which has kept crude prices above $ 50 a barrel since late October  
The second. 
She said Baker Hughes energy services company that drilling companies the number of oil platforms increased by six platforms in the week ending 17 February the total number of rigs to rise to the 597 platform, the most since October 2015, and during the same week last year , there were 413 platform oil  
worker. 
Since crude prices above $ 50 a barrel for the first time in May after recovering from its lowest level in 13 years recorded in February , companies added 281 oil platform in the 34 weeks of the last eight weeks of the thirty's largest recovery since the glut of world oil supply led to market decline over two years since the middle of 
 2014. 
the decline in the number of oil drilling , which Thsah Baker Hughes from a record level platforms totaled 1609 platforms in October 2014 to its lowest level in six years at the 316 platform in May with the falling US crude prices above $ 107 a barrel June 2014 to near $ 26 in February 2016. 
analysts said they expect that American energy companies increase their spending on drilling activities and pumped more oil and natural gas shale in the coming years, after the agreement states from within and outside OPEC to curb oversupply amid expectations constantly the rise of energy prices. 
Was US crude traded on the futures at around $ 53 a barrel , which puts those contracts on the landing path this week for the first time in five weeks with rising US crude inventories and increase production in a way undermines the Organization of the Petroleum Exporting Countries efforts (OPEC) and independent producers to end oversupply in international markets. 
It is expected to increase US shale oil production in March by about 79 thousand barrels per day, the highest pace in five months to 4.87 million barrels a day, the highest level since May last year , according to government data showed earlier. 
There were futures settlement ore International benchmark Brent crude futures at $ 55.81 a barrel , up 16 cents , or 0.3 percent, while increased WTI US mediator four cents to $ 53.40 a barrel, as the basket recorded (OPEC) , containing 13 types of crude to $ 53.14 a barrel. 
The oil market also came under pressure from the rise in the dollar index for the second week in a row.
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ENERGY | Tue Feb 21, 2017 | 11:58am EST

Abadi says Iraq needs $60/barrel oil price to plug budget deficit

 
 
 
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Feb 21 Iraq needs oil prices to reach $60 per barrel to plug its public deficit gap, Prime Minister Haider al-Abadi told a news conference in Baghdad on Tuesday.

The Iraqi government, which relies almost exclusively on its oil production for income, has struggled to pay its bills since crude prices dropped in 2014, the same year that Islamic State militants seized part of the country's territory.

Brent crude was trading at about $57 per barrel on Tuesday.

Iraq is OPEC's second largest producer, after Saudi Arabia. (Reporting by Ahmed Rasheed; Writing by Maher Chmaytelli; Editing by Greg Mahlich)

http://www.reuters.com/article/iraq-oil-prices-idUSL8N1G664Z?rpc=401&

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1 hour ago, Boozer said:

Thought that was what all the Loans where for.. your budget was set at 45 or47 cant remember. 60 should put you over the top... if it goes to 62 will you RV ? you have been working 3 days now, Bet its time for a weeks vacation ..

But they then added in the corruption tax and the gift tax and the bribe tax and the gaff tax so now it's $60.00 a barrel funny thing is to actually run Iraq only $32.75 per barrel is needed according to economic times (http://economictimes.indiatimes.com/markets/commodities/iraq-to-lower-oil-price-forecast-to-32-a-barrel-in-2016-budget/articleshow/51728479.cms)

 

 

Tax-Evasion21.jpegMena-GI-graphic-2b.jpg

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It's what they all want - they budgeted for less expecting more - SOON.

It's a shell game - they've been maneuvering steadily towards that goal for a while now.

Let's see what the price of oil is after Mosul is -  " Liberated " . . . and then, what games they'll play in the immediate aftermath.

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2 hours ago, Drunk_Viking64 said:

But they then added in the corruption tax and the gift tax and the bribe tax and the gaff tax so now it's $60.00 a barrel funny thing is to actually run Iraq only $32.75 per barrel is needed according to economic times (http://economictimes.indiatimes.com/markets/commodities/iraq-to-lower-oil-price-forecast-to-32-a-barrel-in-2016-budget/articleshow/51728479.cms)

 

 

Tax-Evasion21.jpegMena-GI-graphic-2b.jpg

I forgot they have to cover what Maliki steals ...

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Oil settles near its highest level in seven weeks

Oil settles near its highest level in seven weeks

 

     
 
 59 minutes ago
 

 

Twilight News / oil prices stood near their highest levels in several weeks on Wednesday after the Organization of Petroleum Exporting Countries tip (OPEC) Ptvaalha on an agreement with the rest of the producers to cut production aims to get rid of satiety that shackle markets since 2014.

By 0740 GMT, ascended WTI futures delivery month of April, which is the closest maturity of 17 cents, equal to 0.3 percent to $ 54.50 a barrel. The March contract ended up 1.2 percent after it reached the highest level since the third of January.

And ascended International benchmark Brent crude was up 17 cents also equivalent to 0.3 percent to $ 56.83 a barrel after touching its highest level since the second of February at $ 57.31 a barrel in the previous session.

Data last week showed that US production of crude and fuel push stocks to record highs in light of faltering demand for motor fuel growth.

This limit of price gains, which stepped up after the OPEC agreement and independent producers to cut production.

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Agency: The Iraqi government calls on OPEC to discuss cuts in oil output

Agency: The Iraqi government calls on OPEC to discuss cuts in oil output
Iraq needs to finance its budget and raise the price of a barrel of oil to $ 60 - the picture from Reuters Arabian Eye
 
 February 22, 2017 12:13

Direct : The Iraqi government has called, on Tuesday, the Organization of the Petroleum Exporting Countries , OPEC, to convene a new meeting to discuss reducing oil production, according to the Iraqi News Agency "conscious." 

He said the Iraqi prime minister, said that oil prices are still below the required level, pointing out that it will not achieve the required level until 2019, according to the "conscious".

Said Haider al-Abadi, said Iraq needs to finance its budget through financial guarantees and borrowing; a result of what caused the low price of a barrel of oil, according to the agency. 

Abadi pointed out the need for Iraq to the high price of a barrel of oil to $ 60; for plugging the deficit in the state on the level of spending, noting that Iraq has been pressing OPEC to cut production to support prices, according to the "conscious".

The sources in OPEC said in mid - February, said that the organization has extended cut oil supply with non - members agreement or applied deeper cuts as of July; if global oil inventories did not decline to the target level.

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4 hours ago, yota691 said:

The sources in OPEC said in mid - February, said that the organization has extended cut oil supply with non - members agreement or applied deeper cuts as of July; if global oil inventories did not decline to the target level.

Yota Thanks,  DV,  It looks like Oil will continue to increase based on more cuts from OPEC and Iraq is pushing for at least $60 a barrel.   GO OIL To $60.....:D 

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Unsatisfied With Oil Prices, Iraq Calls For New OPEC Meeting

By Tsvetana Paraskova - Feb 22, 2017, 1:38 PM CST Saudi oil plant

Iraq thinks that OPEC should hold a new meeting to discuss the cartel’s oil production cuts, given the fact that the current oil prices are still below expected levels, according to Iraqi Prime Minister Haider al-Abadi.

The price of oil is still below the level that is needed to replenish the budget deficit of Iraq, Kazakh agency KazTag reported on Wednesday, quoting Iraqi media that carried al-Abadi’s statements.

Iraq - OPEC’s second biggest producer behind Saudi Arabia - has “tried hard to cut down production volume in the cartel and keep the prices, now OPEC needs to conduct a new meeting to reach an agreement”, KazTag quoted al-Abadi as saying.

Yesterday, al-Abadi said at a news conference in Baghdad that the country needed oil to reach US$60 per barrel in order to fill in the budget deficit gap.

Iraq’s public finances have suffered from low oil prices, as Baghdad relies almost exclusively on oil revenues for budget proceeds. In addition, the country’s fight against Islamic State militants has been further stretching the dwindling financial resources.

Iraq has contractual obligations to foreign oil companies, and must deal with the Kurdish Regional Government (KRG), which controls fields in the north, making any production cuts quite complex. In this way, Iraq faces more challenges than other OPEC members in trying to comply with the deal. Related: Biggest Gasoline Glut In 27 Years Could Crash Oil Markets

Nevertheless, it’s a bit odd that Iraq – which in January missed its production cut target under the OPEC deal the most – is the one demanding a new meeting on cuts.

In the November 30 supply-cut deal, Iraq pledged to reduce its crude oil production by 210,000 bpd to reach and keep for six months a production level of 4.351 million bpd.

OPEC’s figures for January show that Iraq pumped – according to secondary sources – 4.476 million bpd last month. Iraq’s self-reported production was even higher – 4.630 million bpd. The secondary-source figure – which OPEC deems valid for cuts and compliance purposes – is still 125,000 bpd above the targeted level.
 

http://oilprice.com/Energy/Oil-Prices/Unsatisfied-With-Oil-Prices-Iraq-Calls-For-New-OPEC-Meeting.html

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OPEC did not account for the United States to increase its production again. After oil prices fell to a low where it was unproductive to produce oil in the US, OPEC felt that enough US producers had left the game and would not return. The resumption of oil production in the US has kept prices lower than the expected 60 per barrel target price Iraq sought and still seeks. Unfortunately, having not met this price, Iraq, countering, tries to produce more oil which in turn causes the price per barrel lower. Less is more and until Iraq figures this supply and demand issue out, they will continue harm themselves by producing more and earning less. It is a vicious cycle that takes a delicate balancing act to get right. Oil pundits have stated that oil will not reach 60 per barrel in 2017 but will hold steady around 54 per barrel, however the 54 target will not hold if oil is produced over the cut levels. OPEC either needs to cut production again or let the price per barrel fall to a low in which undercuts the US oil producers. If the latter is done, this benefits no one because when prices rise once more the US producers will enter the game again. This could see-saw for a couple more years until things level out. Meaning that it will be until well after 2020 that oil reaches 60 per barrel.  

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Allaibi for {} morning: Iraq, up to 80 percent of its stake to cut production

 

 

   
 

 
 


2/23/2017 0:00 

 BAGHDAD / Farah pumice 
 revealed the Oil Ministry announced the arrival of reducing Iraqi oil production rates to 80 percent of the share reduction agreement among the countries from inside and outside OPEC. He said the oil minister Jabbarali Allaibi in a statement singled out the "morning" that Iraq is working on the full implementation of its commitments and access to the required rate during the coming period. 

 He Allaibi that Iraq was keen to be bound by agreement to cut production in order tokeep the unity of the organization , "OPEC" and the stability of oil markets, although confront security and economic challenges and addressing gangs and terrorist fight them on behalf of the world , and despite the financial burdens prohibitive for the war on terrorism. 
The minister said that since the agreement between the producers at the end of last year, Iraq had taken the necessary steps to implement its obligations to cut crude oil production rate of 210,000 barrels of national production, by informing national and international oil companies operating in Iraq plans to crude oil reduced from oil fields. 
Iraq has begun to take the reduction Ascending procedures since the beginning of the new year until it reached currently rates reduction , according to the Commission monitor output of the Organization of Petroleum Exporting Countries "OPEC" to a rate of 166,000 barrels, what constitutes 80 percent of the share reduction which is an advanced and excellent ratio, according to the minister. 
Allaibi also expressed satisfaction with the report issued by OPEC, which indicated that Iraq 's most producing countries , an obligation on some actual agreement Vienna , which aims to cut production, returned producers commitment inside OPEC and outside by 90 percent as stated in the "OPEC" Statement a clear sign of keenness and seriousness of all members to address the glut of oil supply and restore balance to the world market, as well as supporting oil prices in the subsequent period. 
He urged the Minister of Oil producers on the commitment to achieve the goals of reduction agreement among them Iraq during the first half of this year, and do not force the organization to be extended to a period of 6 months extra, noting that there are positive signs in the global markets confirm this for the foreseeable level. 
Organization of Petroleum Exporting Countries output shrinking by 1.2 million barrels per day from the beginning of January, as Russia has agreed and ten other producers from outside the "OPEC" production also reduced by about 600 thousand barrels per day. 
In a related development , Secretary - General of the Organization "OPEC" Mohammed Barkindo stressed that the SCO aims to strengthen the commitment agreement to reduce oil production in an effort to get rid of a glut in the supply of oil to markets, which negatively affected prices. 
As for the possibility of implementing a larger cut in production when the "OPEC" organization meets on May 25 Barkindo said at a press conference in London: "I think it would be too early to (talk about it) because the market is very changeable and it is increasingly difficult to predict." 
The secretary - general also pointed out that it is too early to say whether it should extend the agreement , which runs to the end of July 2017, despite the return of confidence to the oil market as a result of reduced production agreement, but., Noting that production for the month of January data in the latest monthly report for "OPEC" OPEC 's commitment to the participating countries agreed production cuts show by more than 90 percent. 
And helps reduce production to support oil prices , which are now approaching $ 57 a barrel , compared with $ 30 a year earlier agreement, however, continued in US inventories and expectations that the reduction of "OPEC" production will revive drilling to extract US shale oil activities altitude limits Alsaud.waglguet wave prices oil earlier high around one percent after touching its highest level in three weeks due to optimism OPEC greater commitment to its agreement with other producers including Russia to cut production in an effort to drain the oversupply burdening the market. 
He concluded by Brent session at $ 56.66 a barrel , up 48 cents, equivalent to 0.9 percent after hitting its highest level since the second of February at 57.31 Dolara.ouhl for US crude contract for March delivery at an altitude of 66 cents or 1.2 percent at $ 54.06 after it climbed to 54.68 dollars , its highest level since the third of December Althani.ooglq US crude contract the most active April delivery was up one percent at $ 54.33, while the OPEC basket containing recorded on 13 types of crude to $ 53.88 a barrel. 
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Secretary General of the "OPEC" is talking about the current situation in the oil market

In the economy  February 23, 2017 0  16 visit

 

According to the Secretary General of the Organization "OPEC" Mohammed Barkindo, the oil market is still far from reaching a balance, despite the historic agreement on oil producers to reduce production in order to absorb the glut in the global market.

 

Barkindo said Tuesday February 21, said that while confidence has returned to the oil market as a result of reduced production agreement, but it is too early to say whether it should extend the agreement, which runs to the end of July 2015.

And the possibility of implementing the largest cut in production when the "OPEC" organization meets on May 25 / May said: "I think it would be too early to (talk about it) because the market is very changeable and it is increasingly difficult to predict."

Barkindo stressed that the SCO aims to strengthen the commitment agreement to reduce oil production in an effort to get rid of a glut in the supply of oil to markets, which impacted negatively on the prices.

Organization of Petroleum Exporting Countries output shrinking by 1.2 million barrels per day from the beginning of January, as Russia has agreed and ten other producers from outside the "OPEC" production also reduced by about 600 thousand barrels per day.

Barkindo said production data for the month of January in the latest monthly report for "OPEC" OPEC's commitment to the participating countries agreed production cuts show by more than 90%.

And it helps reduce production to support oil prices, which are now approaching $ 57 a barrel, compared with $ 30 a year earlier agreement. But the continuing rise in US inventories and expectations that the reduction of "OPEC" production will revive the US drilling for shale oil activities limits the rally.

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History of edits:: 2.27.2017 21:11 • 110 visits readable
OPEC: the agreement of all the participating countries committed to reducing oil production
{International: Euphrates News} Secretary-General of the Organization of Petroleum Exporting Mohammed Barkindo, said on Monday, it said that production cuts led by the Organization agreement thrown good support from all participating countries, despite some start the application on the part of non-member States problems.
According to Barkindo, he told a news conference in Abuja "for countries not members of OPEC , is the first time and therefore can anticipate some of the challenges of the roll, but the commitment of all the ministers and all the participating countries is very strong." 
Iraq had agreed in the end of November to participate in the "OPEC" agreement on reducing global supplies to contribute to raise oil prices, and restore stability to the markets, despite the heavy losses incurred in the shadow of the war being waged against Daesh. 
It is said that, the Organization of Petroleum Exporting Countries {OPEC} and independent producers including Russia agreed to cut production by about 1.8 million barrels a day in an attempt to get rid of oversupply that resulted in lower prices for more than Aamin.anthy

 

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History of edits:: 2.27.2017 18:17 • 104 visits readable
Emirates: the recovery of oil prices, with a commitment to OPEC's agreement
{Baghdad} Euphrates News said Ahmed al-Kaabi, the governor of the UAE to the Organization of the Petroleum Exporting Countries {OPEC} The oil price levels began to recover with the oil producers commitment to a global agreement to limit production.
Kaabi said, the state of the oil markets in the current phase coherent "supported by positive indicators confirms the commitment and keenness producing countries to cut production in order to ensure the restoration of the oil market balance" .bhsp news agencies , the United Arab Emirates. Agreement 
He pointed out that "global oil markets experienced significant interest from speculators to buy crude futures markets during the past period , which contributed to higher prices." 
It is said that, the Organization of Petroleum Exporting Countries {OPEC} and independent producers including Russia agreed to cut production by about 1.8 million barrels a day in an attempt to get rid of oversupply that resulted in lower prices for more than two years. 
The estimated proportion of the International Energy Agency , OPEC 's commitment to {} When a record high of 90 percent in December Althani.anthy
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  • yota691 changed the title to Committee looking to extend the OPEC production cut

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