a proposal to hold the meeting a week earlier was made by the head of the energy Ministry of Algeria. Countries are studying the idea of extending restrictions on production, operating in may-June to the end of the year.
Russia has no objection to the fact that the next OPEC meeting+ scheduled for June 9-10, was held a week earlier on 4 June. About it reports Reuters, citing three sources in the organization.
to Reschedule to an earlier date proposed by Algeria, which this year is chairing OPEC. The Minister of the country Mohamed Arkab stated that he had discussed this possibility with a number of Ministers, reported S&P Global Platts. In accordance with this proposal, later in June there will be a meeting of the Ministerial Committee OPEC+ monitoring.
the New agreement by OPEC regarding the decrease in oil production was concluded on 12 April and became effective on may 1. The deal lasts until April 2022. According to the agreement, in the first phase, during may and June of the current year, the decline in oil production will amount to 9.7 million barrels. a day, then the parties will proceed to a gradual build-up: from July the reduction will be 7.7 million barrels. per day, and from January 2021 to April 2022 to 5.8 million barrels. the day.
Reuters, citing sources, writes that Saudi Arabia proposes to extend a reduction of 9.7 per bbl. a day until the end of 2020, but it needs to enlist to enlist the support of Russia. The source Agency in the Russian oil companies declared that if the terms of the agreement will be revised, then the oil companies will comply with them. “If demand [for oil] will be fine, we see no reason to change the terms of the transaction,” — said the source.
RBC sent a request to press service Ministry of energy of Russia.
that the OPEC meeting to be held on June 4, also report sources of “RIA news” and “Interfax”. The interlocutor of “Interfax”, said that the idea of postponement of the meeting belongs to OPEC as it is necessary to determine the category of supply in July.
that Russia can support the preservation of the may reduction of oil production a few months earlier told TASS and “Novosti” with reference to sources. Russian oil companies have discussed such a possibility at the meeting in the Ministry of energy held on may 26. According to the source, “RIA Novosti”, it was about keeping the strap until the end of the summer.
With the end of the twentieth century the world began to develop dynamically the market of so-called “paper oil”, i.e. futures contracts. By the middle of 1980-ies he often exceeded by the cost of the physical supplies, and today on the stock exchange the main volume is futures contracts.