Wednesday , October 27 2021

The OPEC + Technical Committee stated that they are concerned about the situation on the oil market – Economy and business



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ABU DHABI, November 10. / Tass /. The technical committee for the OPEC + oil production reduction contract, which met on November 11 in Abu Dhabi, expressed concern about the situation on the oil market as well as the balance of supply and demand. This was reported to journalists by a commission delegate from Algeria.

"We are concerned about the market situation, global economy, supply and demand," he said.

Earlier, in relation to a committee member, Bloomberg reported that the OPEC + committee predicts the risk of surplus oil in 2019. He also presented a preliminary assessment of the level of implementation of the Vienna Agreement to reduce oil production in October, indicating that it is 106% .

In September this number was 111%.

From July, Russia and the OPEC + countries decided to increase production because the effect of the agreement to limit production was strengthened by a strong decline in production in countries such as Venezuela and Mexico. In addition, sanctions against Iran came into force in November to reduce Iran's oil exports to zero. OPEC + ministers agreed to increase production by 1 million barrels, which was supposed to bring the level of transactions from 150% to 100%. However, despite the fact that Russia and Saudi Arabia jointly increased production by more than 1 million barrels per day, this has not helped to offset the decline in production in other countries, including Iran.

On November 11, the OPEC + Monitoring Committee will hold an extraordinary meeting in Abu Dhabi, in which it will consider the situation with Iran's oil exports and, if necessary, will instruct the alliance states what further action to take to complete the application.

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