UPDATE: Opec to agree: they promote less Oil

The organization of the petroleum exporting countries (Opec) has agreed with their partners due to the Corona-crisis to a reduction of Oil production. This is the Kuwaiti oil Minister Khaled al-Fadhel said on Sunday evening after a video conference in the short message service Twitter. Accordingly, from 1 to. In may, almost ten million barrels (159 liters) of crude Oil produced per day from Opec-Plus members.

review: the Concrete measures of dispute between Oil-States,

can some of The energy Ministers of the G20 countries have in the fight against the slump in the Oil prices first of all, on no concrete action. The G20 States only committed themselves “to take all necessary measures to ensure the stability of the energy market,” it said in a after the virtual G20 Meeting published a Declaration on Saturday. Binding Commitments for the reduction of Oil production were not mentioned.

most of The world’s largest oil-producing countries had earlier agreed to a drastic reduction in production to stop the fall in the Oil price. The Opec+ called round with the heavyweights Saudi Arabia and Russia announced on Friday after hours of negotiations, a reduction in Production to 10 million barrels (each 159 litres) per day for may and June, which corresponds to around ten percent of the world’s daily crude oil production. After initial hesitations, Mexico, which belongs to the group of States agreed in the agreement. First of all, however, remained open whether the of Mexico said proportion is sufficient for the other oil-producing States.

Russia, calls for Unity

Details of the cuts were supposed to be discussing the States on Saturday. It was unclear how binding these Commitments are, and whether all of the major oil-producing countries, ultimately, in mind. The Kremlin called on Sunday to an agreement. Otherwise, a more controllable Chaos, the threat of prices for energy, said the spokesman, Dmitry Peskov, told the state television.

According to the Opec+-decision, the production from July should be reduced to December, then daily to eight million barrels of Oil between January 2021 and April 2022 by six million barrels. As the output level of each of the production volume was set in October 2018, for Saudi Arabia and Russia own output level of 11 million barrels per day. Whether the decision to set the price of Oil and thus the prices at the pump again rose leaves, therefore, is not yet clear.

A fast reduction of tens of millions of barrels of Oil per day and more seemed to last but an inevitable part of the Corona-crisis and a price war between Saudi Arabia and Russia, the Oil price crash. The Opec is expected from other major Oil Nations such as the USA, that you get much less Oil from the ground than in the past. Stock market professional, Dirk Müller: The United States will be stronger than ever from the recession FOCUS Online stock exchange professional Dirk Müller: The United States will be stronger than ever from the recession

Also in Mexico, is involved in the cuts

The President of Mexico, Andrés Manuel López Obrador informed on Friday to journalists, the agreement was thanks to the mediation of U.S. President Donald Trump concluded. Mexico have agreed to reduce its Oil production to 100 000 barrels a day. The demand for a reduction of daily 400 000 barrels did not vote for the country, however, because it had just increased with a great effort of its production. Trump had promised that the US would in addition reduce to their previous commitment to their production by a further 250 000 barrels a day, said López Obrador.

The price of a Barrel of North sea Brent on 19. February, at almost 60 US dollars on 1. April took the barrel then just around 25 dollars. On Thursday, the Brent price climbed temporarily to around 33 dollars, was during the Opec Meetings, but again.

especially the question of the output levels is tricky: In October 2018, the Opec+ more Oil produced than the last. By the end of March the group had set a funding limit: 2.1 million barrels less than in October 2018. Saudi Arabia produced around 10.6 million barrels of crude oil a day in February, 2020, there were 9.6 million barrels. Now the Kingdom is allowed to calculate its reduction, but by 11 million barrels from. The devil is in the Detail.

Opec Secretary-General Mohammed Barkindo said in his opening speech on Thursday that the organization for the year 2020 of a decline in demand for crude oil out of 6.8 million barrels per day. In the second quarter, the decline is likely to be, according to Barkindo even around twelve million barrels a day. “These are stunning Numbers. Unprecedented in the modern era,“ said Barkindo. Exclusive equity Webinar with Beate Sander

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A dispute between Russia and the United States caused the price of Oil tumble from

At the Opec+-will Meet at the beginning of March had fallen out of Saudi Arabia and Russia, and could not agree on a common strategy. For years, the Opec+ is trying to stabilize with funding limits, the price of Oil – the Lack of a new deal, these restrictions expired, but at the end of March. The clear signs of a Corona-crisis, in Spite of drove the brawlers their production and drove the price of Oil rapidly into the basement.

with production cuts in the face of the global Virus crisis, now the price raise, hope the 23 Opec+-States on the help of other countries – after all, the cartel does not want to bear the burden alone. Canada and Norway indicated least interest in a common strategy, the Scandinavians also participated in the hour-long Opec+consultations. Also, the organization of African Oil-States (APPO) was on Thursday pointedly behind the Opec+.

A reduction in the crude oil production to ten million barrels a day, about ten percent of the total, global production would be equivalent to in front of the Corona-crisis. The proportion of the 13 Opec countries in the global Oil market recently was a little less than 30 percent, together with ten partners (“Opec+”) is around 45 percent.

consumers can

During the Oil States are suffering from the low price, it saves consumers a lot of money. Due to the fall in commodity prices and the mild winter, households have saved with Oil-fired boilers in the current heating season costs significantly. This is evident from the data of the Comparison websites Verivox and Check24, which were released on Sunday. The costs for gas customers, however, remained practically the same.

According to Verivox Ölkunden saved in the last Winter, an average of eleven percent, according to Check24 even 14 percent. The households benefited prices, but also from the decline in the raw material. Oil prices had fallen in the first quarter of 2020 in the Wake of the weak global economy, said Lasse Schmid, managing Director of energy at Check24. The Corona-crisis has reinforced this trend again.

For home owners offer the sharp fall in Oil prices, a favorable opportunity, after the Winter, “inexpensive replenish the Tank,“ said Valerian bird, energy expert at Verivox. At the latest with the introduction of the CO2-price in the coming year would have to Ölkunden expected to rise with a significant cost.

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