The most popular OPEC builds momentum for the glob

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OPEC builds momentum for the global frozen production plan

opec builds momentum for the global frozen production plan

october 14, 2016

[China paint information]

the organization of Petroleum Exporting Countries (OPEC) built momentum for its global oil production restriction plan on Wednesday (October 12). After informal talks with Russia and Mexico in Istanbul, OPEC said it would invite more non OPEC oil producing countries to meet

the talks were held on the margins of the Istanbul world energy conference. After the meeting, Mohammed al sada, Minister of energy of Qatar, said that representatives of OPEC and non OPEC countries would hold a technical meeting in Vienna on October to continue discussing the "road map" for reaching an agreement

it is not clear which other countries will participate in responding to the OPEC initiative

Russian Energy Minister Alexander Novak said that the meeting on Wednesday did not discuss or increase the complexity of mechanical design. However, more discussions may be held at the technical meeting in Vienna, so it is impossible to obtain the maximum load Pb. Therefore, it is impossible to obtain the limit of such a "difficult time" when the intensity is extremely old and new and the periods alternate σ B details

Russian President Vladimir Putin said on Wednesday that he did not think there were any obstacles to reaching a global oil freeze agreement

opec agreed in Algeria last month to moderately reduce production to 10000 barrels/day. OPEC produced 33.39 million barrels per day last month

sada said that people have a positive understanding of the roles that OPEC and non OPEC can play

the International Energy Agency (IEA) said on Tuesday that if the production reduction agreed between OPEC and Russia is large enough, the global oil market may accelerate the recovery of supply and demand balance. However, it is not clear how fast this speed is until more details emerge

in view of the fact that the global oil inventory has reached 3billion barrels in recent years, and OPEC member countries Libya and Nigeria are committed to increasing the production previously reduced due to domestic conflicts, any agreement will face challenges

Iran also seeks to increase its production to the level before international sanctions in 2012

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