Bloomberg reported that organization of petroleum exporting countries (OPEC) cut production for the first time in 8 years, intent to defeat the world's swelling oil inventories back to normal levels, paving the way for oil prices to more than US $60 a barrel. OPEC Secretary General Mohammad Barkindo Thursday (1st) accepts the Bloomberg interview, more oil means lower oil prices, OPEC effects of cuts will accelerate the decline in global stocks.
Venezuela's oil Minister, Eulogio del Pino said the OPEC agreement in September on inventory back to near normal levels, and may raise the price of oil as high as $70 a barrel.
The Organization agreed to reduce by about 1.2 million barrels a day of oil, while ensuring that required Russia reduced by 300,000 barrels a day next year, International Energy Agency believes that agreement early next year to make the global oil supply and demand back into balance, much faster than originally expected.
Director of the International Energy Agency, Fatih Birol said that "OPEC decided to cut before the agreement, we estimate the oil market will not until the end of next year will be balanced" cuts finally reached an agreement, "is likely to make the oil market balance beginning early next year." Venezuela's oil Minister, Eulogio del Pino thought, if not to reduce output, to solve the problem of excessive oil have spent a very long time, "If you just freeze, it may take up to two years, restoring balance, oil, but two years is really for a long time.
Bloomberg reported that organization of petroleum exporting countries (OPEC) cut production for the first time in 8 years, intent to defeat the world's swelling oil inventories back to normal levels, paving the way for oil prices to more than US $60 a barrel. OPEC Secretary General Mohammad Barkindo Thursday (1st) accepts the Bloomberg interview, more oil means lower oil prices, OPEC effects of cuts will accelerate the decline in global stocks.
Venezuela's oil Minister, Eulogio del Pino said the OPEC agreement in September on inventory back to near normal levels, and may raise the price of oil as high as $70 a barrel.
The Organization agreed to reduce by about 1.2 million barrels a day of oil, while ensuring that required Russia reduced by 300,000 barrels a day next year, International Energy Agency believes that agreement early next year to make the global oil supply and demand back into balance, much faster than originally expected.
Director of the International Energy Agency, Fatih Birol said that "OPEC decided to cut before the agreement, we estimate the oil market will not until the end of next year will be balanced" cuts finally reached an agreement, "is likely to make the oil market balance beginning early next year." Venezuela's oil Minister, Eulogio del Pino thought, if not to reduce output, to solve the problem of excessive oil have spent a very long time, "If you just freeze, it may take up to two years, restoring balance, oil, but two years is really for a long time.
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