Money OPEC + does not turn oil tap fully to

02:25  07 june  2020
02:25  07 june  2020 Source:   dw.com

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The members of the Organization of the Petroleum Exporting Countries ( OPEC ) and allied oil producers led by Russia have The 13 members of the oil alliance and 10 non- OPEC states held an online meeting on Saturday to decide the fate of the cuts, currently at 9.7 million barrels per day (bpd).

In short, OPEC wants oil today to be more sought after than oil for delivery months or years in the future, encouraging refiners and traders to take crude out of inventories. “This marked a departure from previous aims to draw down inventory, a more subtle way of communicating it,” Eagle Commodities

The decision was made surprisingly quickly: the large oil-producing countries want to keep their production at least until the end of July. OPEC + wants to prevent an oversupply from depressing prices.

Provided by Deutsche Welle © Reuters / Essam Al-Sudani Provided by Deutsche Welle

The member states of the Organization of Petroleum Exporting Countries and their cooperation partners have agreed to extend the current reduction in their oil production by another month. The states of the so-called OPEC + decided to keep the cuts that have been in effect since April at least until the end of July.

The around a dozen oil producers represented at OPEC had agreed in April with other large producers, including Russia, to cut production by 9.7 million barrels (1 barrel = 159 liters) per day. The oil price has risen significantly since then. However, OPEC + does not want to push the oil price too high, as analysts believe. After all, prices above $ 50 a barrel are likely to bring US competition back into play. In the United States, mostly shale oil is extracted, which is technically complex.

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Iraq has told OPEC it would start an urgent plan to cut its oil production gradually to fully comply with its quota, an OPEC delegate said on Saturday, after Iraq's plan would include reaching a deal with oil majors to start significant cuts from Iraqi oilfields where they operate and reaching agreement with the

OPEC sticks to its policy of unconstrained oil output for another six months, despite worries that crude prices could lurch lower as some members such as Iran look to ramp up exports . David Pollard reports.

Demand slump due to corona crisis

Russia's energy minister Alexander Nowak reported that April was the worst month on the oil market, but the situation had improved. "We see a positive effect of the joint actions. However, the market is still in a fragile state and needs support". Saudi Minister of Energy Prince Abdulaziz bin Salman said that global demand is picking up again as many large industrialized countries loosened their restrictions from the coronavirus pandemic. "But we are not off the hook yet and the challenges remain."

Ölfeld in Saudi-Arabien © picture-alliance / dpa / A. Haider Saudi Arabia oil field

The semi-annual meeting of the OPEC ministers and other signatories to the agreement to limit oil production took place via video stream because of the corona pandemic - and earlier than originally planned. The meeting was originally scheduled for next week. The negotiations on Saturday were surprisingly quick for observers.

wa / ack (rtr, dpa, afp)

correction ahead: Goldman Sachs sees major downside risks in oil price .
Oil prices have recovered significantly from their recent slump in recent weeks. But investment bank Goldman Sachs warns that investors should not count on the long-term upward trend. • Oil prices have risen to in the past few weeks • Goldman Sachs warns: OPEC + subsidy cuts and expected recovery on the demand side have already been priced in • Correction according to analysts inevitable Since their historic crash in late April , oil prices have recovered significantly.

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