 Home > Chemicals Industry > International Chemical > OPEC+ reached an agreement to increase production

OPEC+ reached an agreement to increase production

 Last Update: 2021-07-27
 Source: Internet
 Author: User

Tags

start international

perfect 5 7

Search more information of high quality chemicals, good prices and reliable suppliers, visit www.echemi.com

Sinochem News News on July 18, OPEC and the non-OPEC ministerial meeting decided to extend the current production reduction agreement originally scheduled to expire in April 2022 to the end of 2022, and start monthly from August this year.
Increase the daily average production by 400,000 barrels
.

In addition, the meeting also decided to raise the production baselines of the UAE, Saudi Arabia, Russia, Kuwait and Iraq starting in May 2022, with a total increase of 1.

Affected by this, international crude oil futures prices plummeted on the 19th
.

At the close of the day, the New York Mercantile Exchange's August delivery of light crude oil (WTI) futures prices fell 5.

Analysts believe that although OPEC and non-OPEC oil-producing countries have reached an agreement to increase production, in the short term production growth will be limited, market supply will not increase significantly, and oil prices will face little downward pressure
.

On the other hand, the conclusion of the agreement means that the domestic divergence of major oil producers has been resolved, which will help stabilize the market's expectations for future supply

This article is an English version of an article which is originally in the Chinese language on echemi.com and is provided for information purposes only. This website makes no representation or warranty of any kind, either expressed or implied, as to the accuracy, completeness ownership or reliability of the article or any translations thereof. If you have any concerns or complaints relating to the article, please send an email, providing a detailed description of the concern or complaint, to service@echemi.com. A staff member will contact you within 5 working days. Once verified, infringing content will be removed immediately.

OPEC+ reached a gradual increase in production agreement

02-14

Related Products

4-acryloylmorpholine ACMO

CAS No.: 5117-12-4

top

$3.39/KG EXW

UV-531

CAS No.: 1843-05-6

$7-8/MT FOB

benzotriazole ultraviolet absorbers UV-P

CAS No.: 2440-22-4

$7-8/MT FOB

Hot Tags

united states jobs(223)

jobs united states(236)

1 year treasury(277)

1 year subscription(296)

single use technology(195)

announcements today(81)

ups united states(221)

united states logo(227)

80 20 company(94)

healthy food name(42)

Hot Articles

The source of this page with content of products and services is from Internet, which doesn't represent ECHEMI's opinion. If you have any queries, please write to service@echemi.com. It will be replied within 5 days.

Moreover, if you find any instances of plagiarism from the page, please send email to service@echemi.com with relevant evidence.

OPEC+ reached an agreement to increase production

Related Articles

OPEC+ reached a gradual increase in production agreement