Venezuela: We seek to bring Iraq and Iran to freeze oil production agreement

[yota691]

Venezuela: We seek to bring Iraq and Iran to freeze oil production agreement

History of edits:: 02.16.2016 13:31 • 147 visits readable

[Oan- pursue] 
Venezuelan Energy Minister Aaolockheo del Pino said on Tuesday he would meet with Iraqi counterparts, Adel Abdul-Mahdi and Iranian Bijan Zanganeh in Tehran on Wednesday to discuss an agreement on the freezing of oil production at January levels [last month].

The del Pino speaks during a news conference in the Qatari capital Doha after it agreed with the ministers of Qatar, Russia, Saudi Arabia, to freeze production, provided that the other producers followed the same approach.
He said del Pino "We will hold a meeting tomorrow with the Iranian and Iraqi ministers hope to go with me Qatari minister to discuss with them the foundations this agreement is very important for stability in the market. " 
exceeds Iraq's production is currently 3.7 million barrels a day and aspires to reach 4.5 million barrels middle of this year.

 

[sandfly]

WEL OIL WILL GO BACK UP, IF THEY DO IT

[yota691]

Iraq is ready to freeze production at levels last month

Tuesday 16-02-2016 | 6:24:09

 

 

 

 

H d

 

Twilight News / source of the Iraqi Oil Ministry said on Tuesday that Iraq is ready to commit to freeze oil production in January reached levels if producers inside and outside OPEC agreement.

The source added, "Iraq with any decision to participate in supporting oil prices."

Russia and Saudi Arabia agreed largest oil exporter in the world on Tuesday to freeze production levels, but they have said that the agreement conditional on the participation of other producers that may constitute a major obstacle in the absence of Iran from the talks and its insistence on raising production.

[gymrat76541]

I actually like this idea. Yeah, I do like filling up at the pump cheaply, but overall I recognize it is bad for some many economies around the world.

[tigergorzow]

Yota Thanks, Cut production & raise the prices. Let's join in and make this happen Iraq, Iran and all the other major players.

Keeping the faith!!

GO RV!!

[jg1]

Good luck with that

USA Frack all the way

[gymrat76541]

All US oil production is sold outside the USA. All that hype about the USA needs to up our oil production to cut reliance on overseas oil was total BS!  

[yota691]

Agreement to freeze oil production at January levels

 

 

         

2/17/2016 0:00 

Capitals agencies 

and Qatar's energy minister said on Tuesday: that he agreed with the oil ministers of Saudi Arabia, Russia and Venezuela to freeze their production of oil at the levels of the month in January, provided the participation of the top producers for them in this endeavor. Said Mohammed bin Saleh Al Sada told a news conference at the conclusion of the closed-door meeting in Doha, said the move would restore stability to the oil market. Oil prices in Asia tended to rise on Tuesday after the high hopes of investors in Saudi Arabia and Russia discussed in the Doha meeting the issue of oversupply, which hurt prices. 

The price of a barrel of light oil (light sweet infraction,) March delivery exchanger E in Asia $ 1.33 for around $ 30.77. 

the price of European benchmark Brent North Sea oil for delivery in April, it rose to $ 1.15 to $ 34.54. 

the Doha meeting is of great significance because it brings together major oil producers in the world, especially Saudi Arabia, a member of the Organization of the producing countries (OPEC), like Venezuela, Qatar, Russia's biggest oil producers outside the Organization. The meeting comes amid a turbulent situation in global oil markets, after a surplus of supply quantities led to a significant decline in prices, suffered its impact on the producing countries a huge loss of revenues. OPEC rejected, primarily driven by the decision of Saudi Arabia Gulf and other countries, to cut production in an effort to stabilize prices. It promised to countries in the Organization's decision to cut a solo production will lead to the loss of market share, and will not contribute to the recovery of prices, that did not take producing countries outside the Organization similar step. Said Daniel Ang, an analyst at Phillip Vetcherz group in Singapore: The «hope fueled by information from major oil producers went to Doha». 

And oil prices lost seventy percent of its value since June 2014 when the price of a barrel varies from about a hundred dollars. And resulted from an excessive display is able to absorb, especially the Chinese economy economies are no longer where falling consumption. 

According to Bloomberg News, for its part, said Saudi Oil Minister Ali al-Naimi held a special meeting with Russian Energy Minister Alexander Novak in Doha. 

He said Daniel Ang: «It seems that Russia I was invited to the small circle of OPEC countries »Organization of Petroleum Exporting countries. He said «but we are pessimistic in the possibility of reaching an agreement among the participants in this meeting.» Earlier, Nigeria's oil minister said that the situation began to change within OPEC of mistrust to a growing consensus of the need to reach a decision on how to halt the global decline in oil prices, and added that he would hold talks with Saudi and Qatari counterparts.

[Indraman]

All US oil production is sold outside the USA. All that hype about the USA needs to up our oil production to cut reliance on overseas oil was total BS!

I don't think this is true.

http://www.pbs.org/newshour/making-sense/does-the-us-export-domestic-oi/

Indy

[yota691]

 

 

Index sharply lower oil prices

Baghdad supports oil prices provided producers Tehran agreement and inviting them to a meeting to discuss low prices tomorrow

 

Author: AHF, HAA 
Editor: AHF 2.16.2016 18:23 Number of Views: 149 

 

Long-Presse / Baghdad

A source in the Iraqi Oil Ministry, said Tuesday that Iraq is ready to freeze its oil production at certain rates to support oil prices, and among that this issue is related to the agreement of the oil producing countries of OPEC and outside the Iranian oil official from an oil meeting will include representatives of Iraq, Venezuela and Iran on revealed Wednesday in Tehran to discuss oil market conditions.

A source in the Iraqi Oil Ministry said in a statement published on the (Reuters) seen by the (long-Presse), said that "Iraq is ready to freeze its oil production when the rates of the month of January if an agreement is reached between the members of the OPEC countries and the producing countries, the other from outside OPEC to support prices oil. "

The director of international affairs of the National Iranian Oil Company, Mohsen Gamsara in remarks to the site and the Russian Sputnik News he followed (range Press), "The representatives of Venezuela, Iran and Iraq will hold a meeting tomorrow in Tehran to discuss the oil market situation."

Since the collapse of oil prices in the first half of January and outside the OPEC group, officials from the Organization of Petroleum Exporting Countries sought to hold meetings to discuss the issue of the deterioration of oil prices, which have caused huge financial problems for some countries.

[yota691]

Kuwait: Oil are committed to the Doha Agreement

History of edits:: 02.16.2016 20:58 • 115 visits readable

{INTERNATIONAL: Euphrates News} said Finance Minister and acting oil minister Anas Saleh, said on Tuesday that Kuwait is committed to the agreement reached by Russia and Saudi Arabia, the two largest exporters of oil in the world to freeze production if backed by other producers.

Said Saleh in a statement, I followed the agency {Euphrates News} "It is hoped that the agreement provides a positive atmosphere to support oil prices and bring balance to the market." 
The "Saudi Arabia, Russia, Qatar and Venezuela agreed after a ministerial meeting in Doha on the freezing of its oil production when in January last levels of the condition of other producers that commitment, as Minister of energy and Industry of Qatar Mohammed Saleh said Sada, told reporters that following the meeting, which was held in a Doha hotel was the four countries agreement, which aims to stabilize oil markets. " 
as he emphasized the chairman of the Committee oil and energy parliamentary Ares Abdullah, that "Iraq would abide by any agreement issued by OPEC" .anthy

Tehran will host a trilateral meeting today to Venezuela, Iran and Iraq over oil

History of edits:: 17/2/2016 9:56 • 122 visits readable

{INTERNATIONAL: Euphrates News} is expected that representatives of Venezuela, Iran and Iraq meet in the Iranian capital Tehran on Wednesday to discuss the issue of oil. 
He said Mohsen Gamzara, an official at the NIOC oil company of Iran, he told the "Sputnik" Alarava Venezuela, Iraq and Iran meet in Tehran.

It was agreed by representatives of Russia and some Member States of the OPEC meeting in Doha on Tuesday that their countries are willing to freeze oil production at the level in the month of January, if other producing countries joined this Almpadrh.anthy 

[calkid11]

Thank you

[yota691]

The Latest: Oil Price Rises as Production Talks Continue By THE ASSOCIATED PRESS FEB. 17, 2016, 7:09 A.M. E.S.T. LONDON — The Latest on global financial markets (all times local): 12:05 a.m. The price of oil is edging up as major crude producing countries discuss a potential output freeze with skeptic Iran. Four nations, including Russia and Saudi Arabia, agreed on Tuesday to freeze their output levels if other producers do the same. Iran has so far rejected the notion, but more talks were ongoing in Tehran on Wednesday. As the negotiations proceeded, the benchmark crude oil contract traded in New York was up 65 cents to $29.69 a barrel. Brent, the international oil benchmark rose 86 cents to $33.70. ___ 10:30 a.m. European stock markets are being led higher by mining and bank stocks, particularly Credit Agricole, which announced a restructuring program. France's CAC 40 index was up 1.6 percent, with Credit Agricole jumping 11.5 percent after the bank reported a rise in fourth quarter net profit and said it would strengthen its finances by reducing its exposure to regional banks. Shares in Spanish lender Bankia were up 4.5 percent after it said it will pay back thousands of small shareholders the money they invested in the bank when it was floated in 2011, a year before it had to be bailed out. The bank will make a provision of 1.8 billion euros ($2 billion) for the costs, but the move decreases uncertainty over its legal exposure. Elsewhere, Germany's DAX was up 1.5 percent while Britain's FTSE 100 rose 1.3 percent, helped by an 8.6 percent rise in commodities producer Glencore plc.

[Dinarian64]

WEL OIL WILL GO BACK UP, IF THEY DO IT

Yup - just watch

All energy stocks are bouncing back. Fill up your tanks folks.

.

We live in a petroleum and arms based economy.

Until this changes - which it is with gnashing of teeth- we will see oil go up.

.

Edited February 17, 2016 by Dinarian64

[Laid Back]

Venezuela is BROKE.!

Hugo Chavez and Nicolas Maduro governments stole 950 billion dollars from Venezuelan people.

Rampant corruption

Infrastructure destroyed

No food

No medicines

No security

Venezuela hiked gasoline prices for the first time in almost two decades and devalued its currency as President Nicolas Maduro attempts to address triple-digit inflation. 700% in 2016 and the economy’s deepest recession in over a decade.

The primary exchange rate used for essential imports, such as food and medicine, will weaken to 10 bolivars per dollar from 6.3, Maduro said in a televised address to the nation.

The government will also eliminate an intermediate rate that last sold dollars for about 13 bolivars and improve an alternative “free-floating, complementary” market that trades around 203 bolivars per dollar.

The devaluation will ease the drain on government coffers by giving state oil company Petroleos de Venezuela SA more bolivars for each dollar of oil revenue, while higher gasoline prices.

Justice & Freedom.

[Dinarian64]

Venezuela is BROKE.!

Hugo Chavez and Nicolas Maduro governments stole 950 billion dollars from Venezuelan people.

Rampant corruption

Infrastructure destroyed

No food

No medicines

No security

Venezuela hiked gasoline prices for the first time in almost two decades and devalued its currency as President Nicolas Maduro attempts to address triple-digit inflation. 700% in 2016 and the economy’s deepest recession in over a decade.

The primary exchange rate used for essential imports, such as food and medicine, will weaken to 10 bolivars per dollar from 6.3, Maduro said in a televised address to the nation.

The government will also eliminate an intermediate rate that last sold dollars for about 13 bolivars and improve an alternative “free-floating, complementary” market that trades around 203 bolivars per dollar.

The devaluation will ease the drain on government coffers by giving state oil company Petroleos de Venezuela SA more bolivars for each dollar of oil revenue, while higher gasoline prices.

Justice & Freedom.

So tragic

And the same in Iraq

Wonder how greed distorts and what I is we lay in wait for ourselves.

[yota691]

Oil rises 7% with welcoming Iran to freeze production

History of edits:: 18/02/2016 11:43 • 42 visits readable

{International: Euphrates News} oil prices of seven percent higher on Wednesday after Iran expressed its support for Russia's move and Saudi Arabia led to the freezing of production to address the oversupply that pushed crude prices to their lowest levels in ten years.

He met with Iranian Oil Minister Bijan Zanganeh with his counterparts from Venezuela, Iraq and Qatar in Tehran for more than two hours on Wednesday and said the "proposed" production ceiling should be the first step to bring stability to the market. 
But Zanganeh did not mention in his remarks broadcast site Iranian Ministry of Oil Information The Iran will freeze production at January levels in line with the proposal, which requires the participation of major producers such as Russia and Saudi Arabia. 
the Iranian official said before the meeting Wednesday that his country will continue to increase its oil production to levels before the imposition of sanctions in 2012. in Tehran, a major obstacle to the first joint agreement producers inside OPEC and outside in the 15 years after he vowed to regain market share lost as a result of sanctions. 
although it helped Zanganeh's remarks in the ignition spark a wave of strong rally. 
and determine the settlement price for Brent to rise to $ 2.32, equivalent to 7.2 percent at $ 34.50 a barrel while US crude was up 1.62 percent, or 5.6 percent, at $ 30.66 a barrel .anthy

[yota691]

6:49 am ET
Feb 18, 2016

  Iran, Iraq Balk at Committing to Oil-Output Cap — Energy Journal

 

•  

• By
•  
• CHRISTOPHER HARDER

 

IRAN POSITION ADDS TO TENSIONS

Iran’s refusal to curb its oil production has thrown into question the future of a plan brokered by Saudi Arabia and Russia for major oil-producing countries to limit their output to last month’s levels, Benoit Faucon, Summer Said and Asa Fitch report.

Iraq on Thursday stopped short of saying it would curb production, Summer Said reports.

“Iran is saying, ‘We are not playing with you,’ ” said John Hall, chairman of the London consultancy Alfa Energy and a longtime observer of the Organization of the Petroleum Exporting Countries, or OPEC. “If Iran is working outside OPEC, the group cannot move. OPEC cannot do anything without Iran.”

The broken-down oil talks add another layer to the heightening tensions between Saudi Arabia and Iran. An Iranian official cited Saudi Arabia’s production increase while Iran was crippled by sanctions as a reason to snub any output deal now.

But United Arab Emirates energy minister Suhail bin Mohammed al-Mazrouei said low oil prices will force producers to freeze output, Reuters reports.

KURDISTAN AGREES TO OIL-BUDGET PLAN

Iraq’s Kurdistan Regional Government said it agrees with a proposal to sell its oil through the state-owned Oil Marketing Company in exchange for Baghdad paying the salaries of the Kurds’ municipal employees, Tamer El-Ghobashy reports. It’s a big change in Kurdish policy in what has been an acrimonious battle with Baghdad over control of the area’s oil resources.

The concern is over whether Baghdad will be able to hold up its end of the bargain, as OPEC member Iraq battles low oil prices, Islamic State militants and an expected deficit of more than $20 billion this fiscal year. Both the Kurdistan government and Iraqi officials said the acceptance of Iraqi Prime Minister Haider al-Abadi’s proposal is a long way from being formalized, but a spokesman for Mr. Abadi said he stands ready to honor the offer despite concerns over Baghdad’s fiscal fitness.

VENEZUELA TRIES TO PROP UP CRUMBLING ECONOMY

Fellow OPEC member Venezuela, struggling with its own fiscal fitness amid low oil prices, raised domestic gasoline prices for the first time in nearly two decades and devalued the local currency to generate badly needed cash, Kejal Vyas reports.

Venezuela President Nicolás Maduro underscored the dire financial situation by showing a chart during a televised address that indicated state oil company Petróleos de Venezuela SA transferred only $77 million to the central bank in January, compared with $815 million and $3 billion in the same month of 2015 and 2014, respectively.

Separately, exploration-and-production company Marathon Oil Corp. cut by more than half the money set aside for capital projects as it reported its first annual loss in 20 years, Maria Armental reports.

Cheniere Energy Inc., meanwhile, plans to start carrying natural gas from the U.S. Gulf Coast soon, marking the emergence of the U.S. as a major exporter, but the debut of a shale-fueled gas-export industry is raising questions about whether too many sellers are chasing too few buyers, Chester Dawson, Bradley Olson and Christian Berthelsen report.

MARKETS

Oil prices rallied on Thursday, boosted by U.S. data indicating shrinking stockpiles of crude and hopes for cooperation between major producers to alleviate the global oversupply of the commodity.

On Thursday, Iraq said negotiations are continuing between members of the Organization of the Petroleum Exporting Countries and producers outside the group on limiting output. Iran has also expressed support for such a plan but has refused to curb its own production.

Brent crude, the global oil benchmark, rose 2.6% to $35.39 a barrel on London’s ICE Futures exchange. On the New York Mercantile Exchange, West Texas Intermediate futures were trading up 3.2% at $31.64 a barrel. Read our latest market report at wsj.com.

[olivesman]

Sorry but I don't have a Wallstreet Journal subscription.

Could someone please bring over the article.

[olivesman]

THANK YOU, yotaMAN.

[RSTEFAN]

http://www.zerohedge.com/news/2016-02-18/first-iran-now-iraq-refuses-commit-oil-production-freeze

First Iran, Now Iraq Refuses To Commit To Oil Production Freeze

Submitted by Tyler Durden on 02/18/2016 08:30 -0500

CrudeGlobal EconomyIranIraqOPECRealitySaudi Arabia

.inShare.7 .For all the euphoria about the proposed OPEC oil production freeze deal, the reality is that nothing has been actually decided. As readers will recall, the only "decisions" agreed to between the Saudi and Russian oil ministers were to cap production at already record high levels of output, however contingent on everyone else voluntarily joining said production cap.

Then yesterday, as part of its own meeting, Iran made it clear that while it supports efforts to push the price of oil higher, it would certainly not limit its output at current levels, and instead requires an explicit loophole granting it a production limit from the pre-sanctions period. This put OPEC in a bind: if it grants Iran special treatment, then who else will have a similar request.

The answer was revealed just hours later when Iraq earlier today stopped short of saying it would curb production of oil to prop up sagging prices, saying negotiations are still ongoing between members of the Organization of the Petroleum Exporting Countries.

According to the WSJ, Iraq oil minister Adel Abdul Mahdi said his country supports any decision that will serve producers, prop up prices and achieve balance in the crude markets. However, just like Iran he didn’t explicitly say whether Iraq would curb its own output but said any rapprochement between all sides to restrict crude output is a step in the right direction.

As the WSJ summarizes, his comments "came a day after Iran’s oil minister didn’t commit to limiting production, throwing into question the future of a plan brokered by Saudi Arabia and Russia this week for major oil producing countries to limit their output to last month’s levels."

“The deterioration of the oil prices has directly impacted the global economy and the historical responsibly of the producers requires great speed in finding positive solutions that will help prices return to the normal [levels],” Mr. Abdul Mahdi said in a statement.

In other words, more of the same, or as we summarized it with a brief tweet one week ago:

Everyone wants higher oil prices; nobody wants to cut production

— zerohedge (@zerohedge) February 11, 2016

Only it's even worse, because while OPEC may have the luxury of cutting, even if its members do the unthinkable and decide to trust each other to comply (which they won't), they still have to contend with the distressed US shale sector, which courtesy of several hundred billion in debt, has no such luxury, and must keep pumping just to repay the interest and maturities on its debt or face a wave of mass defaults, one which according to Deloitte could bankrupt as much as a third of the oil space.

And then, what's worst for OPEC, is that even in bankruptcy (and after) US producers will still keep pumping especially with a debt-free balance sheet where the all-in production costs tumble; the same is true in the case of distressed M&A because any acquiror will i) have a far stronger balance sheet and ii) a motive to keep generating cash even if it means a modest loss; because shutting down production completely means foregoing on billions in revenue (regardless of margin) while mothballing costs are so prohibitive that most would rather just keep producing in hopes that "someone else" will cut production first.

The only problem is that no one else will be the first to cut.

For now, the market has ignored the nuances and is hoping that just the tentative indications of an OPEC deal are enough, pushing oil to the highest level in weeks. We don't expect these prices to hold.

Average:

[yota691]

Urgent Iraq welcomes the agreement prepared by the oil quartet and a step in the "right direction."

History of edits:: 17/2/2016 15:48 • 855 visits readable

[special Oan-] 
Iraqi Oil Ministry welcomed the quadrilateral agreement, which was held yesterday between Russia - Saudi Arabia - Qatar-Venezuela] judge to freeze oil production for these countries at the level of exports for the month of January last.

He said ministry spokesman Assem Jihad told all of Iraq [where] that "This agreement is a step in the right direction and will reflect positively on the global oil market." 
Taking place today in Tehran negotiations between Iraq and Iran and Venezuela to discuss the possibility of joining the two countries [iran and Iraq] to this Agreement. 
it was Iraq's production rate of oil for the month of January, according to preliminary statistics of the Ministry of oil, amounted to 3.9 million barrels. 
Jihad said, he was "an update of the agreement [quartet] today in talks between Iraq and Iran and Venezuela in Tehran will discuss the tentative agreement to freeze oil production at levels of month January. " 
he stressed that" Iraq with any decision hurt the producers service and raise oil prices, "noting that" Iraq finds that this step in the right direction, and already he was calling for the need for there to be discussions and consultations among producing countries inside OPEC and outside especially Russia, which occupies first place in oil production, and certainly what happened yesterday of the agreement is a positive development will impact certainly on oil prices. " 
he pointed out that" Iraq is an important and active member of OPEC, which seeks to work with member states in order to reach the steps leading to the return of oil prices to normal. " 
explained a spokesman for the oil Ministry, said that" this proposal in the process of the talks and we are with any decision in the interest of Iraq and improving oil prices, so we are with a positive decision. " 
He pointed out that" there are consultations in Tehran and certainly hope to reach an agreement paving the way for an emergency meeting of OPEC to make a decision in this regard in the interest of producers and lead to the lifting of oil prices. " 
the new Jihad welcomed the agreement quadruple saying," this agreement is a step in the right direction and will be reflected positively on the global oil market, which will be the first Coordination 7 among oil-producing countries inside and outside OPEC, and therefore this is an important message in a serious put an end to the decline in world oil prices. " 
the Minister of energy and Industry of Qatar and chairman of the Organization of petroleum exporting countries [OPEC] Mohammed bin Saleh Al Sada said on Tuesday his country's agreement with Saudi Arabia, Russia and Venezuela on the proposal to keep oil output ceiling at January levels last after the approval of oil-producing countries within the UPC and abroad.

[Nuki]

Saw this one coming (not to gloat).

 

 

Something occurred to me this morning I hadn't ever thought of. We make a lot jokes about Iraq and how slow they are, and backwards, and a host of other things that helps ease our frustration at their inability to get done what we're all so desperate to get done, but I have to wonder, perhaps we've misjudged their economists. I wonder if someone over there didn't see this coming and realize they couldn't RV with oil hitting an all time low. Now I know that's just pure speculation, but I have to almost wonder if they didn't plan it this way, then perhaps someone realized the oil bubble was going to eventually burst and come crashing down. I wrote a long essay in the VIP area somewhat based on this, and discounting inflation, we're still in a zone where they could easily RV to match the Kuwaiti dinar (you haven't seen it's value drop yet have you?) However, and I'm going to for once give them probably more credit than they deserve, they might be seeing this as the catalyst they need to push the HCL through knowing that oil shouldn't be their only "big" source of export income. Just like how Dubai realized they couldn't live off oil money forever and made moves to secure their global position by building up infrastructure in banking, tourism, and big business, someone in Iraq might have actually seen this coming and waited for whats happening now to convince skeptics that they should diversify. 

 

I dunno, just pondering things and trying to see how current events could be good for us in the long run. If we're truly only waiting on the HCL, this might be what convinces them to get a move on.

[yota691]

Venezuela sends new proposals for oil producers outside OPEC and

History of edits:: 02.20.2016 11:35 • 49 visits readable

[Where - Follow-up] 
Venezuelan President Nicolas Maduro said in a televised address Monday evening, said his country was sending new proposals to the leaders of countries in OPEC and abroad in order to stabilize the market.

Maduro did not give his word yesterday, other details. 
Comes the latest steps Venezuela days of Saudi Arabia, a senior member of OPEC and Russia is not an OPEC member, Qatar and Venezuela agreement after the freeze production at January levels if others joined it. 
He said Venezuelan Oil Minister Aaolockheo del Pino after noon on Friday that the four countries have agreed to monitor the oil market until the month of June has additional measures to be taken if necessary. 
Maduro congratulated del Pino on the agreement and praised him as Lionel 'Messi Venezuelan oil, "referring to the Argentine football star. 
he said Maduro in a televised address from the Orinoco belt oil producer in Venezuela stood del Pino next to him "who produce our oil they should govern the market and determine prices." 
he added that he hopes to be a Doha agreement beginning of a wider agreement. 
urges Venezuela in crisis to reach an agreement oil to compensate a deep recession, the ruling Socialist party instructed its parliamentary majority in an election in December. 
a senior Russian energy official yesterday, there is a surplus of oil supply in the market of about 1.8 million barrels per day, but can this surplus was reduced to half if the implementation of the agreement freeze oil production at last month's levels.

[yota691]

US Bank: freezing production agreement will lead to $ 47 oil

History of edits:: 19.02.2016 19:21 • 174 visits readable

[Oan- up] 
predicted the bank "of America Merrill Lynch," The price of oil up to a threshold of $ 47 a barrel in the event of the implementation of the freezing of production and raise fuel prices agreement.

The bank said in a report today, said that "freezing the Organization of Petroleum Exporting Countries [OPEC] production level in addition to the reasonable increase in the retail prices of fuel for gasoline is expected to help the high price of oil back to $ 47 a barrel by next June. 
The report added, that "it is expected to help freeze OPEC production level market to find the bottom of the drop, noting that" OPEC agreement on freezing production is an important step to stabilize oil prices or even global markets. " 
he added," in the face of rising domestic demand in Saudi Arabia rose 450 thousand barrels per day from winter to summer, exports may drop by a deadline of next July. "