OPEC + countries fulfilled plan to cut oil production by 95% in July
10:43 26.08.2020 8245
The level of execution of the OPEC + deal to reduce oil production in July was 95% versus 107% in June. Thus, the countries of the alliance removed 9.2 million bpd from the market in July, having fallen short of the agreement by 0.5 million bpd. The OPEC + technical committee on Monday, TASS reports summed up these results.
Separately, the OPEC countries in July fulfilled the agreement by 95% (ten cartel members are cutting production, and Venezuela, Iran and Libya are exempt from obligations). In June, the organization's countries completed the deal by 112% of the plan thanks to additional and voluntary cuts in oil production in Saudi Arabia, the UAE and Kuwait. In July, they returned to the quotas stipulated in the agreement.
Gabon remains an outsider in the agreement, which in July reduced oil production by only 3% of the plan, despite the agreement to compensate for the gap. This is followed by Congo (54% of the plan), Equatorial Guinea (66% of the plan). Iraq and Nigeria narrowed the backlog in July and met the agreement by 85% of the plan both.
The highest execution rates are in Saudi Arabia (103% of the plan) and Kuwait (101% of the plan). Countries "not OPEC" in July reduced production by 96% of the plan (in June - 98%). In particular, Russia reduced oil production by 2.409 million b / d, fulfilling the agreement by 96%.
SPIEF: Turkmenistan considers energy and transport among the key areas of integration within the CIS
Cooperation in the energy and transport sectors can become strategic areas of integration within the CIS. This was stated by the Minister of Finance and Economy of Turkmenistan Muhammetgeldi Serdarov, speaking on Thursday at the St. Petersburg International Economic Forum (SPIEF), the Turkmen news agency Orient reports.
The President of Turkmenistan took part in the opening of a new gas gathering station in Lebap region
As part of a festive trip last Saturday to the Lebap region, President of Turkmenistan Serdar Berdimuhamedov took part in the solemn ceremony of commissioning a new gas gathering station.
In the future, we will make every effort for long-term cooperation with Turkmenistan in the gas sector, - head of CNPC
The commissioning of a new facility in the Bagtyyarlyk contract area, the opening of which was attended by the President of Turkmenistan, is an unforgettable event for both Chinese and Turkmen specialists. This was stated by the President of the CNPC Board of Management Hou Qijun, speaking to the participants of the celebration on the occasion of the commissioning of a new gas gathering station in the Farap etrap of the Lebap velayat.
The President of Turkmenistan took part in the nationwide tree planting campaign
More than 539 thousand trees of various species were planted in Turkmenistan as part of the nationwide environmental campaign held on November 9. The event was attended by President Serdar Berdimuhamedov, as well as representatives of the government, military and law enforcement agencies, diplomatic missions and the public.
Wood Mackenzie: Brent oil price will roll back to $85-90 per barrel only by 2025
In the coming years, oil prices will remain at a high level due to the redistribution of supplies on world markets; even a possible decrease in demand will not affect its value. This forecast is given by Wood Mackenzie analysts, Interfax reports.