Member countries OPEC at negotiations in Province of Alger agreed for the first time with 2008 to reduce oil production volumes. As report "Vesti" , the transaction means decrease in production from record 33,2 million barrels to 32,5-33 million barrels per day.
"We decided to reduce production and established a production ceiling in the range of 32,5-33 million barrels. For each of the countries of the organization the special commission which will be created in OPEC" has to define individual production level, - the president of the Algerian conference declared OPEC Muhammad bin Saleh as-Sada.
the Most part of reduction is the share of Saudi Arabia - 442 thousand barrels, to Iraq and United Arab Emirates are offered to reduce production by 135 thousand and 155 thousand. barrels a day respectively. And here Lybia and Nigeria anything does not need to be reduced: they can increase production reasonably.
Iran because of which position the transaction in Doha broke, has to limit production at the level of 3,7 million barrels. Formally the agreement will be concluded at the summit OPEC in Vienna in November, then to reduction of production other large players who are not entering into OPEC, including Russian Federation will be invited also. "We also asked committee to establish to
coordination with the key countries which are not entering into OPEC to hold a collective meeting, to reach the collective agreement. It will accelerate process of restoration of balance in the market. The market, of course, and so will equilibrate, but we need to accelerate this process by regulation of volumes of production in OPEC and from other countries which already expressed the readiness for cooperation", - Muhammad bin Saleh as-Sada told.
On the eve of a meeting in Province of Alger the secretary general OPEC Mohammed Barkindo noted that in the world practically did not remain the storages, capable to contain extracted oil. According to him, which gives of "Eyelids" , "black gold" stocks already now exceed 3 billion barrels. Earlier on the same day chapter Ministry power industry of Bolivarian Republic of Venezuela Eulojio del Pino declared that prices of oil can fall lower than $20 for barrel if representatives of the oil-extracting states are not able to coordinate joint actions in the market.
One of active participants of negotiations on a production freezing at this meeting in Province of Alger was Russian Federation. Ministry of Energy of the Russian Federation advanced idea of a freezing of production since January, in September again reanimated process of negotiations and even signed with the Ministry of Energy Saudi Arabia the joint statement on coordination of actions for stabilization of the oil market. According to the head of department Alexander Novak who quotes Information company "Interfaks" , the production freezing "was the most effective way of stabilization of the market", and a production freezing at the current level - the "most favorable" way of stabilization for Russian Federation.
according to the Ministry of Energy, in September Russian Federation came to a historical maximum on daily oil production in 11,09 million barrels which will allow to break following the results of 2016 the next record on oil production in 544-544 million tons of oil.
Russian Federation was not going to Conduct negotiations on reduction of production. At the beginning of a year when the cost of oil was at minimum levels about $30 for barrel, the Ministry of Energy charged to the Russian oil companies to study a question of possibility of reduction of oil production. The conclusion was simple: technical capability of decrease in production is in a warm season, however expediency of this step is doubtful.
Analysts wait for growth of oil quotations to 60 dollars for barrel, but OPEC" with reference to agency of Information company "Bloomberg".
"the Decision OPEC was unexpected, and now prices of oil will rise to level of 50-60 dollars for barrel from 40-50 dollars that will facilitate global deflationary fears" — the senior analyst from SBI Securities Nobuyuki Fudzimoto told.
Despite the made decision, experts note uncertainty of a situation in the market." It will be necessary to look, whether will finish OPEC up to the end the agreement" — Yoshinori Shigemi, the strategic analyst on the world market in the Tokyo JPMorgan Asset Management declared.
"But still should look, how many barrels actually will disappear from the market" — Uittner Michael, the analyst of the oil market from Societe Generale Group noted. Nevertheless it potentially very important decision, was emphasized by Uitner." In my opinion, importance, first of all, that they managed to agree" — was told by him.
Brent Oil at the London exchange ICE bargains about a mark 49,09 dollars for barrel (a minus 0,32 percent in comparison with completion of the previous trading session). Against news from an informal meeting OPEC in Province of Alger the mix Brent in the evening on September 28 sharply rose to level 48,5 dollars for barrel. Thus during the day the price of oil was at about 46,3 dollars.
"We decided to reduce production and established a production ceiling in the range of 32,5-33 million barrels. For each of the countries of the organization the special commission which will be created in OPEC" has to define individual production level, - the president of the Algerian conference declared OPEC Muhammad bin Saleh as-Sada.
the Most part of reduction is the share of Saudi Arabia - 442 thousand barrels, to Iraq and United Arab Emirates are offered to reduce production by 135 thousand and 155 thousand. barrels a day respectively. And here Lybia and Nigeria anything does not need to be reduced: they can increase production reasonably.
Iran because of which position the transaction in Doha broke, has to limit production at the level of 3,7 million barrels. Formally the agreement will be concluded at the summit OPEC in Vienna in November, then to reduction of production other large players who are not entering into OPEC, including Russian Federation will be invited also. "We also asked committee to establish to
coordination with the key countries which are not entering into OPEC to hold a collective meeting, to reach the collective agreement. It will accelerate process of restoration of balance in the market. The market, of course, and so will equilibrate, but we need to accelerate this process by regulation of volumes of production in OPEC and from other countries which already expressed the readiness for cooperation", - Muhammad bin Saleh as-Sada told.
On the eve of a meeting in Province of Alger the secretary general OPEC Mohammed Barkindo noted that in the world practically did not remain the storages, capable to contain extracted oil. According to him, which gives of "Eyelids" , "black gold" stocks already now exceed 3 billion barrels. Earlier on the same day chapter Ministry power industry of Bolivarian Republic of Venezuela Eulojio del Pino declared that prices of oil can fall lower than $20 for barrel if representatives of the oil-extracting states are not able to coordinate joint actions in the market.
One of active participants of negotiations on a production freezing at this meeting in Province of Alger was Russian Federation. Ministry of Energy of the Russian Federation advanced idea of a freezing of production since January, in September again reanimated process of negotiations and even signed with the Ministry of Energy Saudi Arabia the joint statement on coordination of actions for stabilization of the oil market. According to the head of department Alexander Novak who quotes Information company "Interfaks" , the production freezing "was the most effective way of stabilization of the market", and a production freezing at the current level - the "most favorable" way of stabilization for Russian Federation.
according to the Ministry of Energy, in September Russian Federation came to a historical maximum on daily oil production in 11,09 million barrels which will allow to break following the results of 2016 the next record on oil production in 544-544 million tons of oil.
Russian Federation was not going to Conduct negotiations on reduction of production. At the beginning of a year when the cost of oil was at minimum levels about $30 for barrel, the Ministry of Energy charged to the Russian oil companies to study a question of possibility of reduction of oil production. The conclusion was simple: technical capability of decrease in production is in a warm season, however expediency of this step is doubtful.
Analysts wait for growth of oil quotations to 60 dollars for barrel, but OPEC" with reference to agency of Information company "Bloomberg".
"the Decision OPEC was unexpected, and now prices of oil will rise to level of 50-60 dollars for barrel from 40-50 dollars that will facilitate global deflationary fears" — the senior analyst from SBI Securities Nobuyuki Fudzimoto told.
Despite the made decision, experts note uncertainty of a situation in the market." It will be necessary to look, whether will finish OPEC up to the end the agreement" — Yoshinori Shigemi, the strategic analyst on the world market in the Tokyo JPMorgan Asset Management declared.
"But still should look, how many barrels actually will disappear from the market" — Uittner Michael, the analyst of the oil market from Societe Generale Group noted. Nevertheless it potentially very important decision, was emphasized by Uitner." In my opinion, importance, first of all, that they managed to agree" — was told by him.
Brent Oil at the London exchange ICE bargains about a mark 49,09 dollars for barrel (a minus 0,32 percent in comparison with completion of the previous trading session). Against news from an informal meeting OPEC in Province of Alger the mix Brent in the evening on September 28 sharply rose to level 48,5 dollars for barrel. Thus during the day the price of oil was at about 46,3 dollars.