OPEC agreed to cut oil prices rose more than 5%–rainism

OPEC output to reach an agreement in international oil prices rose more than 5%- news agency in Beijing in September 29, the new network Algiers news: the organization of Petroleum Exporting Countries (OPEC) local 28 held a special meeting in Algiers, decided to oil production to 32 million 500 thousand barrels to 33 million barrels. According to Reuters news, after the meeting held on the same day the meeting reached a consensus of 4.5 hours after the meeting. This suggests that OPEC has acknowledged for the first time that action is needed to ease the oil price slump that has caused oil producers to suffer. Reported that OPEC will set up a committee to study how to implement the production plan, the specific results will be announced at the official meeting held in Vienna on November. 28, later, there are reports that OPEC reached an agreement to cut production, international oil prices rose sharply after a day of trading shocks. Data show that as of the day of closing, the New York Mercantile Exchange in November delivery of light crude oil futures prices rose $2.38 ($1 or about $6.7), or 5.33%. November delivery of London Brent crude oil futures prices rose $2.72, or 5.92%. The Fifteenth International Energy Forum held this month, from 26 to 28 in Algiers, the theme of energy transformation". Algeria’s prime minister cerale in his opening statement said that the current oil prices are unfavorable to the parties, Algeria called on all parties to protect their own interests to reach a comprehensive agreement. The market had expressed doubts about the producer output to reach an agreement at the meeting, the reason is as OPEC members Iran, Libya and Nigeria are trying to increase production, while Saudi Arabia and non OPEC members of Russia’s crude oil production is always close to the highest level in history. According to the Wall Street journal news, OPEC will soon discuss the matter with non OPEC members. But analysts are cautiously optimistic about production cuts. According to the New York Times, the cuts cut only about 1% of the world’s total oil production and would have little impact on oil supply and oil prices. Oppenheimer analyst Fadel Gheit also pointed out that OPEC for the first time in 8 years, the production agreement may be just a political gesture, not enough to stabilize the oil market. (end)相关的主题文章: