OPEC + decision can accelerate recovery of oil market, - Mohammed Arkab
19:51 10.07.2020 3147
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The decision of OPEC + ministers made on Saturday, June 6 may accelerate the recovery of the oil market, said on Monday the president of the OPEC conference, Minister of Energy of Algeria Mohammed Arkab, reports TASS."The decision of the OPEC + ministers to extend the existing parameters of the agreement to reduce production, adopted last Saturday, could accelerate the recovery of the oil market and slow down the volume of oil storage, thereby contributing to a positive structuring of the market," Algerie Press Service quoted him as saying.Arkab emphasized that the decisions of the Saturday meeting once again confirm the enormous importance of cooperation and multilateral cooperation in an unprecedented economic downturn in order to stabilize the oil market in the interests of all. He also praised the "positive attitude and willingness of all parties to find consensus solutions, especially during intensive negotiations held before the meetings."According to Arkaba, the meetings of OPEC and OPEC + ministers on June 6 were "one of the most fruitful, given that the decisions made were proportionate to the challenges faced by the oil market in these extraordinary circumstances."The president of the OPEC conference also said that "the meetings of the joint ministerial monitoring committee, which will be held monthly until the end of the year, provide an opportunity to study the market and assess prospects, based on which additional measures will be taken if necessary."OPEC + countries at an emergency video conference on April 12 concluded an agreement to reduce oil production. It envisaged a cumulative decrease in oil production in May - June by 9.7 million bpd, in July - December - by 7.7 million bpd, in January 2021 - April 2022 - by 5.8 million bpd. At a meeting on June 6, OPEC + ministers agreed on a decision to extend the current parameters of the agreement to reduce production by 9.7 million barrels per day for another July.
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Results of the work of the fuel and energy complex of Turkmenistan for January-July were discussed at an off-site meeting of the government
Last Friday, August 12, President Serdar Berdimuhamedov, who is on vacation on the Caspian coast, held an off-site meeting of the Cabinet of Ministers, at which the results of the country's economic development for seven months of 2022 were summed up. Vice-Chairman of the Cabinet of Ministers Shakhym Abdrakhmanov reported on the results of the oil and gas complex for this period.
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Brent oil fell to $99.11 a barrel
Oil prices are falling during the trading session on Friday after a steady increase in the previous trading session, Interfax reports.
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Spot gas price in Europe exceeds $2,300 per thousand cubic meters
The spot price of gas in Europe has exceeded $2,300 per thousand cubic meters. The cost of the nearest (September) futures on TTF on the ICE Futures exchange reached $2,311 per thousand cubic meters on Thursday afternoon, while trading started at $2,200, Interfax notes.
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Transport conference of landlocked developing countries opened in Avaza
This morning, the International Conference at the level of ministers of transport of developing countries that do not have access to the sea in a hybrid format began its work at the Congress Center of the «Avaza» National Tourist Zone.
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The President of Turkmenistan: the future belongs to the combined transport system
The future belongs to the combined transport system. This was stated by the President of Turkmenistan Serdar Berdimuhamedov in his video address to the participants of the International Conference of Ministers of Transport of Landlocked Developing Countries, which opened on Monday at the Congress Center of the «Avaza» National Tourist Zone on the Turkmen coast of the Caspian Sea.