2020-03-12 12:50:00
THE NEW OPEC+ AGREEMENT
WAM - ABU DHABI, 11th March, 2020 (WAM) -- The UAE Minister of Energy and Industry Suhail bin Mohammed Al Mazrouei has said that a new agreement between OPEC+ country members is essential to support a balanced and less volatile market.
Al Mazrouei said, via a series of tweets, "OPEC and OPEC+ played an important role in delivering market stability. The UAE Ministry of Energy and Industry firmly believes that a new agreement is essential to support a balanced and less volatile market."
The UAE Minister's remarks follow recent developments between OPEC and non-OPEC allies failing to agree on how much oil production to cut amid the coronavirus outbreak.
He went on to note that operators in the country have "ample production capacity that will be quickly brought online given the current circumstances."
According to the Al Mazrouei's official twitter account, the minister expressed his disappointment in the lack of agreement between OPEC+. "We are disappointed that no agreement was reached by OPEC + and the current declaration of cooperation will therefore expire at the end of March 2020," the tweet read.
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Earlier:
2020, March, 9, 14:50:00
OPEC RECOMMEND 1.5 MBD
OPEC recommend extending the duration of the proposed 1.5 million barrel per day additional adjustment until the end of 2020, instead of 30th of June 2020.
2020, March, 6, 12:40:00
OPEC NEEDS REDUCTION 1.5 MBD
With oil prices tumbling, OPEC now wants to deepen its production cuts with non-OPEC allies by 1.5 million b/d for the full year 2020, instead of just the second quarter, sources said Thursday.
2020, March, 4, 10:00:00
OPEC'S PROPOSAL: $60
“Conoravirus ... is a short-lived factor which is affecting oil prices ... There will be an OPEC (and non-OPEC) meeting, compensatory measures will be taken which will take the excess oil off the market and the oil price will rebound,” Fedun said.
2020, March, 2, 12:55:00
OPEC+ OIL CUTS
Despite heavy lobbying by Saudi Arabia, the 23-country coalition of OPEC and non-OPEC producers has yet to agree on any plans to rein in crude oil production further.
