How Opec and Russia could save the oil industry from itself | GulfNews.com:
"If global oil prices hope to recover from the current crash, an immediate cut in global production ranging between 2 to 3 million barrels a day of oil is needed, experts say.
Currently, the market is so volatile that any news of an agreement between Opec and non-Opec oil producing members, such as the comment from the UAE’s Energy Minister Suhail Mohammad Al Mazroui last Thursday, can affect prices. On Friday, Brent oil prices jumped 10.98 per cent to $33.36 (Dh122.43) a barrel following Al Mazroui’s comments that a deal between Opec and Russia was being discussed. By comparison, last week, prices dropped below $28. However, experts added that political differences between the two oil producing giants on several issues have been hindering the reaching of an agreement.
Estimates on just how much would need to cut vary widely."
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