Saturday , June 10 2023

Saudi Arabia reduces oil exports


Saudi Energy Minister Halid al-Faleh said his country would reduce its production. The economic downturn in the month of March 2014 will come down.

In December, the exports from Saudi Arabia were reduced to 500,000 barrels. He was speaking at the meeting of the Organization of Petroleum Exporting Countries (OPEC) and other countries in Abu Dhabi.

When the output is low, the "equilibrium" of the major producing countries still does not exist.

Many ministers have said that there will be no joint decision in Abu Dhabi. But in Vienna the OPEK should discuss the December issue.

"It's too late to talk about a particular job," Halid al-Phal told a question about the possible collapse in production to compensate for a deficit.

His Russian opposition leader Alexander Novak said that it was necessary to "analyze the situation in Russia and analyze the implementation of the contracts". "Before deciding what to do next, cooperation continues to market sustainability."

Oil prices have fallen by about 20 per cent over the past month, despite the sharp increase in production in some key countries and fears of a fall in demand. This is the highest rate in four years.

On Friday, Brent crude price was down to $ 70 a barrel. For the first time since April, oil prices have fallen below $ 60 a barrel. This is only the ninth month.

Though demand is slow, Saudi Arabia, Russia, Kuwait and Iraq have increased their crude oil production, and the United States has oil-based oil.

The economists believe that the decline in oil prices, especially the decline in demand from China, is slow economic growth.

On the other side, the threat from Iran, which threatened to reduce the global supply and increase the price, has been slightly better than expected.

Two of the three big producers in June have received more oil from production limits from the US, Moscow and Riyadh, and the export of Iranian exports.

Production rose to 10.7 million units in May as against 9.9 million barrels per day.

Source link