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Thread: Opec, non-opec hold informal talks to nail new oil cuts

  1. #1
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    Opec, non-opec hold informal talks to nail new oil cuts

    2 Attachment(s) OPEC and non-OPEC ministers meet for informal consultations in Vienna on Wednesday in a last ditch bid to concur the period of oil output cuts as they seek to clear a worldwide shares over hang that's pulled down the Mapecko of crude.

    The leading oil producer in OPEC, Saudi Arabia, favors extending the out-put curbs by nine months rather than the initially prepared six months, to pace up market re-balancing and stop crude prices from sliding back below $50 per barrel.

    OPEC members Iraq and Algeria as well as leading non-OPEC producer Russia also support a nine-month extension but some Gulf OPEC members including Kuwait and also the The Arab Emirates have pointed to some need for further analysis.

    The Organization of the Petroleum Exporting Countries meets formally in Vienna on Thursday to consider whether to extend the deal reached in December in which OPEC and 11 non members decided to to reduce output by about 1.8 million barrels per day in the first half of 20 17.

    On Wednesday, a ministerial monitoring committee consisting of OPEC members Kuwait, Venezuela, Algeria and non-OPEC Russia and Oman satisfies in the Austrian capital to discuss the development of cuts as well as their effect on global oil supply. Saudi Arabia, which retains the current OPEC presidency, will also attend.

    Several OPEC delegates said they anticipated the conferences on Wednesday and Thursday to be fairly painless, resulting in a outp

  2. #2
    I find each one of these testimonies of OPEC attempting (and failing) to clear a worldwide glut of oil amusing. Compare it with predictions of the planet running from oil, to years earlier. Hubbert Curve! Peak oil! World without Oil! The Hubbert curve that was authentic predicted that oil production would peak in 1970 and it'd be all downhill from there. Reminds me of a Mark Twain quote, Reports of my death are greatly exaggerated.

  3. #3
    Quote Originally Posted by maria9991
    I locate each one of these testimonies of OPEC attempting (and failing) to clear a worldwide glut of oil amusing. Compare it with predictions of the planet running from oil, to years earlier. Hubbert Curve! Peak oil! World without Oil! The Hubbert curve that was authentic predicted that oil production would peak in 1970 and it'd be all downhill from there. Reminds me of a Mark Twain quote, Reports of my death are significantly exaggerated.
    yep experienced that period and now its global-warming yep its the media along with the ermariuky that make the Menees13 of woe

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