Algeria energy minister Saudi Arabia is willing to cut production to support the oil market-cagliari exchange

Algeria’s energy minister: Saudi Arabia may cut to support oil – Beijing, Beijing, September 27, according to foreign media reports, Algeria’s energy minister, said before the package process, the world’s largest oil exporter Saudi Arabia has indicated that is willing to put the country’s oil production is reduced to the level of January of this year. 28, the organization of Petroleum Exporting Countries (OPEC) and Russia and other non oil allies will be held during the informal meeting of the International Energy Forum in Algiers to discuss measures to support the oil market, the package will preside over the meeting. Saudi Arabia said this will be the day before, consultation meeting is not expected to make any decision. However, the 25 day of the package means that the Saudi Arabia or still willing to work with other parties to reach the end of the end of 2014, the oil union to allow members of the country’s first decision to cut production since the free trade agreement. Special package method: oil city more critical process package said, compared with last June OPEC meeting, the oil market situation "critical number", "it is not good for any oil Union countries, thus seeking short-term and very short-term solutions is very important". He said that Saudi Arabia is ready to freeze production in January levels, which is an interesting step". Other oil producing countries have also made recommendations, but the package did not disclose details of the law. According to Bloomberg data, in August this year, Saudi Arabia produced 10 million 690 thousand barrels of crude oil per day, higher than the barrel of 10 million 200 thousand in January, also hit a record high. Special package hope oil can be reduced to 1 million barrels daily general union. The excess supply of crude oil is expected to last until the end of next year as Russia’s crude oil production peak, Libya and Nigeria also restored the supply of crude oil in September this year, the daily crude oil into the market when compared to August increased about 800000 barrels. International Energy Agency expects excess oil supply will continue until the end of 2017. Since 2014, international oil prices have fallen by more than half because of oversupply. Oil prices last month after an agreement with Russia may limit production, oil prices rose. In April this year, the world’s 18 oil producing countries have met in Doha, Qatar to freeze oil production in order to raise oil prices, but not because of the conflict between Saudi Arabia and Iran. Bao said that the biggest difference between the conference and the Doha conference is that Iran will attend this week’s meeting. Iraq oil alliance responsible person said now is oil aMRI, frozen production union reached agreement "appropriate time", if no agreement is reached, oil prices may decline. The informal meeting of the Algiers, he said, could be temporarily transformed into a special meeting to reach a resolution. The consulting firm energy CEO Mills pointed out: "if an agreement is reached, the oil market will get a boost, especially in the case of Saudi production." However, he was skeptical of the meeting’s results.相关的主题文章: