Expectations agreement OPEC and countries from outside to cut production

1/28/2016 0:00

Baghdad Joseph Zayer
announced Iraq's oil minister: he sees some flexibility to reach an agreement between OPEC and producers from

Came Minister Adel Abdul-Mahdi's remarks on Tuesday, during an oil conference in Kuwait, this agreement, which aims to control the drop in oil prices He highlighted the measures that the parties will seek to achieve is to reduce the production either by the members of the organization or producers of Foreigha.oukd confirmed Abdul Mahdi, Iraq's willingness to cut production by him in case the cooperation of all members of the adoption of the agreement, this statement to the contrary, many of the members of the States of the former statements in OPEC and vehemence that they will not move towards cutting production. The Russian position but until this moment, Russia is still opposed to production cuts, which is the largest producer of Nfez from outside the OPEC Organization, and this is what keeps the question of verification has already agreed or not. The increasing demand for oil in the markets during trading on Tuesday after the company Hess Corp said it plans to cut capital spending by about 40 percent this year, the company based in the United States and is one of the leading oil producers, what worried some quarters of a likely drop in display Oil, thus cause turnout to buy in anticipation of a possible rise in prices. falling oil According to Reuters has oil fell in futures on Wednesday to near the level of $ 30 a barrel where deflated wave reap the gains made ​​by the crude in the previous session on hopes of reducing the levels of production profits .

As prices fell by more than expected increase in US crude stocks and concerns over China's second-largest oil consumer in the economy Alm.hobt global measurement Brent 18 cents to $ 31.62 a barrel at after hitting its lowest level during the session at $ 31.05 a barrel. He had reached the settlement price for crude on Tuesday to $ 31.80 a barrel, up 1.30 dollars. Fell US crude 46 cents to $ 30.99 a barrel, slightly recovering from lows during the session, which was $ 30.30 per barrel. The US crude ended trading Tuesday up $ 1.11 at 31.45 dollars per Brmel.onqlt Reuters Bank ANZ he said in a note on Wednesday: The positive sentiment stemmed from strong profits made ​​by US companies and modern OPEC and Russia thinking about reducing production, and we believe that the possibility of reaching any agreement between these two parties is very weak.

The bank said: However, it is likely to remain an increase of US stocks obstacle in the near term, at the current pace will reach these stocks to the highest levels ever reached in April of last . US stocks rose US stocks by 11.4 million barrels in the week that ended on January 22 to 496.6 million barrels compared to an increase of 3.3 million barrels analysts had expected earlier. as well as the extent of the fall in oil prices announcement by the President of Venezuela Nicolas Maduro on the tour will be conducted by the oil minister in his country include Member States and non-members in OPEC in an effort to rally support for joint action to end the falling price of oil. also trimmed three US companies operating in the shale oil capital spending this year by more than expected plans in an effort to overcome this stage where the oil approached $ 30 a barrel, said one of the three companies : to be higher prices more than 20 percent so you can make profits.