Included in the Organization of countries - exporters of oil (OPEC) Iraq and Kuwait followed Saudi Arabia and decided to cut the price of raw materials in April, and at the same time the UAE have made this for the February sales. About it writes Bloomberg.
According to the media, it was against the backdrop of a price war between Riyadh and the capital of Russia.
Iraq lowers the Price of the brand Basrah Light for five dollars a barrel, Saudi Aramco - Arab Medium for six dollars, according to the Kuwait Details are not known.
Always it the idea of supply in Asia.
United Arab Emirates, As the Agency emphasizes, still set prices retroactively. The manufacturer has reduced the Price of their 4 varieties for the February sales 1, 63 dollars per barrel from January.
The Iraqi state oil marketing SOMO plans to increase exports in April.
the agreement OPEC and non-Organisation countries (OPEC ) to reduce output of fuel is valid from the beginning of 2017. Many times it was extended and the rules changed. So, before the end of 2019, the agreement provided for a decrease in the production of 1, 2 million barrels per day from the value of October 2018, and in the 1st quarter of 2020 NATO is going to reduce production by 1, 7 million barrels.
on the last working day of the week the head of the Ministry of energy of Russia Alexander Novak said after 1 April commitments on reduction of oil production by member countries of the OPEC agreement . Moscow has not agreed to the proposal of the cartel to further reduce production due to the spread of a new type of coronavirus: Russia has proposed to keep the existing rules, and Saudi Arabia - to further reduce oil production. The Minister warned that the market may emotionally react to the message about the stop of the contract.
in the end, countries have been unable to reach consensus either about the parameters of the contract or of its extension. With this 3 days ago, according to media reports, Saudi Arabia has announced plans to increase production and reduce the oil prices that have fallen quotations.
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