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Friday 5 March 2021

OPEC+ Prolongs its Production Cuts into April

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  6 forum posts

VIENNA (Ruptly) – Saudi Energy Minister Abdulaziz bin Salman bin Abdulaziz Al Saud announced on Thursday that OPEC+ would maintain oil production cuts until May after a virtual conference, with minor exceptions for Russia and Kazakhstan, amid concerns over the potential fragile economic recovery.

Production will continue at March levels, except for Russia and and Kazakhstan, who it was agreed could boost production by 130,000 and 20,000 barrels per day respectively. Concerns over economic weakness surrounding the slow vaccination rate in the world along with the new strains of the virus were motivating factors behind the decision.

Bin Salman stated:

Considering the situation that Russia and Kazakhstan are into in terms of their domestic consumption and refining requirements and what have you. We had this consent they can move forward their schedule for the month of April by about 150. Everybody is going to maintain the freeze on 350.

Not only that, I think we have all congregated to the idea that we will continue the business as usual which is meeting every month, and subject to these meetings we will figure out what we will do with the remaining 1.29 million remaining to be brought to the market by 2020 all the way to April 2022. That’s what has been agreed.

  Forum posts

  • They are all happy Iran can’t export its oil, beginning with its fake friend Russia.

  • With OPEC+, OPEC now belongs to Russia and Saudi Arabia. Other member countries no longer count for much. Iraq and Libya are no longer countries, Iran and Venezuela are completely isolated and wiped out. The big winner is of course Putin.

  • OIL producing countries are F#CKED. The barrel at 150 is gone forever. they are forced to reduce prod to keep it just above 50. in fact, if inflation included, oil has never been so cheap.

  • These levels of prices are just temporary. The world’s population continues to rise - soon to be 10 billion - while oil production is flat. There is no alternative to oil. Oil will go back to $150 or even 200. Maybe not right now, but eventually.

  • I don’t know if OPEC belongs to Russia but what is sure is is that Russia is not a member of OPEC but dictates its rules to it. Putin can flood the market and ruin the gulf countries. They are therefore forced to obey him. As for the explosion of the population it’s in the poorest, that is those who will never be able to buy oil at 150 dollars.

  • In any way, Iran will eventually resume its exports, which will completely destabilise the markets.

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