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A landscape shows the logo during the Oil Primary Change Conference during the UN Climate Change Conference (OPEC), November 13, 2024 during the Oil Climate Change Conference.
Maxim Shemetov | Reuters
On Wednesday, Opec + countries were not changed in the lower part of the union, which carried out official output quotes, the subsection of eight members of the Union, which carried out separate voluntary production cuts.
A group of OPEC + coalition has been operated by an extensive production contract, with only two members of the organization by reducing only two outputs. In official politics, the entire OPEC + group cuts about 2 million barrels per day by the end of 2026.
On Wednesday, Opec + peoples have reported once again from OPEC and non-OPEC to the general oil production level for non-OPEC participating countries, “the Union has been agreed at the December meeting.
In addition to official policy, Opec + seriously weeds, Algeria, Iraqi, Kazakhstan, Kuwait, Oman and the United Arab Emirates, and the United Arab Emirates, by the end of the next year, produce 1.66 million barrels per day.
By the end of March, these eight members united 2.2 million barrels of breeches on the days of gradual opening in the days. According to the latest announcements, these nations will compile the amount of about 1 million barrels per day in April-June and evaluate the production steps on the weekend generations.
An OPEC + delegation that can comment anonymously due to the sensitivity of the negotiations, said that another production of promising growth in July was more than 411,000 barrels per day – performed in May and June
Some members of these rides are overlapped by the increase in the OPEC + group because of some members of the former members of the past.
“This group is the best, but this group is not enough, but we need the help of others,” UAE Minister of Energy Suhail Muhammad al-Mazrouei said Said Mazrouei in the World Utilities Panel, managed by CNBC Dan Murphy.
On Wednesday, Opec + peoples called on the OPEC Secretariat to assess the sustainable production capacity of each country for the 2027s to calculate the output quotes of coalition members under contracts.
OPEC + members will hold a ministry meeting on November 30.
Shortly after the end of the OPEC + session, the price of oil was in a positive area. The Ice Brent Agreement with July, 4130 in the evening, $ 65.06 in London Time, $ 65.06 in London Time, about 1.5% of the price. In front of July, Nymex WTI futures increased by $ 61.96 per barrel, from the previous day’s settlement by 1.76%.
Summer rifles
Oil demand, starting a travel season in summer and additional raw burns to produce electricity for air conditioning needs in several Middle Eastern countries.
At a note of this week, UBS strategy Giovanni Staunovo, in the first quarter of this year, compared to the supply of a “closely balanced oil market” in the first quarter.
“We expect more requirements and supply adjustments with more incoming data,” said Staunovo. “Eight OPEC + member, which is seasonally rising and eight OPEC + members, is likely to add more barrels to the market in the next month, we are looking for oil prices to move side by side in the range 60-70 / BBL.”
The UAE’s al-Mazrouei should take into account the demand. If we do not spend the demand more.
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