Monday , June 21 2021

Expression – The Daily – Saudi Arabia closes its valves

Algeria announced a decrease in OPEC production in April

OPEC's efforts to eliminate pricesOPEC's efforts to eliminate prices

"OPEC is a sovereign state and may decide to reduce its production," Energy Minister Mustafa Gituni said yesterday at the sidelines of the African Commission on Nuclear Energy.

Prices are slowing down considerably. He will see about $ 80 or more. We are still far from the mark. The Organization of Petroleum Exporting Countries, starting with its leader, leaves no pressure to achieve this goal. Algeria has indeed announced a very likely reduction in OPEC supply. The decision will be taken at its next ministerial meeting, scheduled for next April in Vienna, to support the awards. "Since our last decision in December 2018, prices have stabilized, ranging from $ 60 to $ 64. OPEC is a sovereign state and may decide to reduce its output," Energy Minister Mustafa Gituni said yesterday on the sidelines of meeting of the African Commission for Nuclear Energy (Afcone).
The issue will be resolved at the 13th meeting of the Joint Ministerial Committee to Monitor the Opep-non Opep Agreement, to be held on March 18th in Baku, Azerbaijan. "Nothing is decided yet. Everything will be reviewed with committees from each country that are currently working on market behavior, the needs and development of industries that are experiencing delays, "said heredire of Noureddine Boutarfa.
Pending these appointments, statistics show significant efforts to ensure compliance with the 1.2 million barrel per day agreement of the Opep-non Opep union concluded on 8 December 2018, which came into effect on 1 January 2019 What is the inventory? According to secondary sources quoted by the Organization, in its monthly report, OPEC again cut production sharply in January, with a significant effort on the part of Saudi Arabia. The total production of the organization reached 30.81 million barrels a day last month, or 797,000 barrels a day less than in December, while its leader, the Wahhabi kingdom, still makes a major contribution to efforts to curb production, pumping to 350,000 barrels a day less than in December.
On the other hand, OPEC slightly revised demand growth. It is now expected to reach 1.24 million barrels per day against 1.29 million barrels a day before reaching an average demand of 1 million barrels a day this year. What is the reason for this delay? Tensions in trade, replacing other energy sources with oil (especially gas) or subsidy or energy saving programs, especially in the transport sector, are highlighted.
The prices of black gold seemed to have found their own. Yesterday, at about 4:00 pm in Algeria, the Brent North Sea barrel, referring to Algerian oil, traded at $ 63.16 on the London Intercontinental Exchange, registering a $ 1.65 jump from the previous day. The market has probably listened to Algerian statements and OPEC efforts to eliminate prices.

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