Uproar in Ghana after president unveils his own statue    Putin hails 'courageous' Trump after election win    Israel passes law to deport relatives of attackers, including citizens    Monkey mayhem in South Carolina after 43 primates escape research facility    Russian anti-war teenager faces five years in jail after failed appeal    SR 3.95 million fines for 3 employees of a company and 6-month jail for one for violating Capital Market Law    Qassim emir launches 52 health projects costing a total of SR456 million    BD and INS partner to elevate standards of infusion care in MENAT    Dubai Design Week launches its 10th edition, celebrating creativity and innovation    GASTAT: Passengers of public transport bus and train soar 176% and 33% respectively in 2023    Fakeeh Care Group reports 9M-2024 net profit of SR195.3 million, up 49% y-o-y driven by solid revenue growth and robust profitability    HRT does not impact life expectancy — UK health body    Liam Payne's body to be flown back to the UK    Suspect arrested for banking fraud totaling SR493 million as Nazaha pursues corruption charges    Arab leaders and heads of state congratulate US President-elect Donald Trump    Neymar suffers muscle tear, out for 4-6 weeks    Crown Prince hails Saudi medical team that performed world's first fully robotic heart transplant    Al Nassr secures 5-1 victory over Al Ain to edge closer to knockout stage    Al Ahli extends perfect start with 5-1 victory over Al Shorta    Mitrovic's hat-trick leads Al Hilal to 3-0 victory over Esteghlal    India puts blockbuster Pakistani film on hold    The Vikings and the Islamic world    Filipino pilgrim's incredible evolution from an enemy of Islam to its staunch advocate    Muted Eid celebrations for millions of Nigerian Muslims    Exotic Taif Roses Simulation Performed at Taif Rose Festival    Asian shares mixed Tuesday    Weather Forecast for Tuesday    Saudi Tourism Authority Participates in Arabian Travel Market Exhibition in Dubai    Minister of Industry Announces 50 Investment Opportunities Worth over SAR 96 Billion in Machinery, Equipment Sector    HRH Crown Prince Offers Condolences to Crown Prince of Kuwait on Death of Sheikh Fawaz Salman Abdullah Al-Ali Al-Malek Al-Sabah    HRH Crown Prince Congratulates Santiago Peña on Winning Presidential Election in Paraguay    SDAIA Launches 1st Phase of 'Elevate Program' to Train 1,000 Women on Data, AI    41 Saudi Citizens and 171 Others from Brotherly and Friendly Countries Arrive in Saudi Arabia from Sudan    Saudi Arabia Hosts 1st Meeting of Arab Authorities Controlling Medicines    General Directorate of Narcotics Control Foils Attempt to Smuggle over 5 Million Amphetamine Pills    NAVI Javelins Crowned as Champions of Women's Counter-Strike: Global Offensive (CS:GO) Competitions    Saudi Karate Team Wins Four Medals in World Youth League Championship    Third Edition of FIFA Forward Program Kicks off in Riyadh    Evacuated from Sudan, 187 Nationals from Several Countries Arrive in Jeddah    SPA Documents Thajjud Prayer at Prophet's Mosque in Madinah    SFDA Recommends to Test Blood Sugar at Home Two or Three Hours after Meals    SFDA Offers Various Recommendations for Safe Food Frying    SFDA Provides Five Tips for Using Home Blood Pressure Monitor    SFDA: Instant Soup Contains Large Amounts of Salt    Mawani: New shipping service to connect Jubail Commercial Port to 11 global ports    Custodian of the Two Holy Mosques Delivers Speech to Pilgrims, Citizens, Residents and Muslims around the World    Sheikh Al-Issa in Arafah's Sermon: Allaah Blessed You by Making It Easy for You to Carry out This Obligation. Thus, Ensure Following the Guidance of Your Prophet    Custodian of the Two Holy Mosques addresses citizens and all Muslims on the occasion of the Holy month of Ramadan    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Prince Abdulaziz hopes for end to COVID-19 crisis as OPEC+ agrees to raise production
Published in The Saudi Gazette on 03 - 12 - 2020

OPEC and a group of Russia-led oil producers agreed on Thursday to increase oil production by 500,000 barrels per day from January and will meet monthly after that to decide whether to further adjust output.
The move ends a standoff over oil policy among the two sides and promising a modest boost to global supplies as oil markets tighten.
The decision to ease production cuts was taken at the 12th OPEC and non-OPEC Ministerial Meeting was held via videoconference.
The meeting was chaired by Saudi Arabia's Minister of Energy Prince Abdulaziz Bin Salman and co-chaired by Russian Deputy Prime Minister Alexander Novak.
Commenting on the agreement after the meeting, Prince Abdulaziz said: "This is a mature agreement....we will tweak whenever it is necessary and possible."
The Saudi energy minister also said that that he hopes the new coronavirus wave is short-lived and that OPEC plus needs to continue being in a "cautious mode."
Hailing the deal, Russian Deputy Prime Minister Alexander Novak said:" We managed to arrive at a very balanced decision despite difficult negotiations.
During the meeting, Novak said that Prince Abdulaziz is "an example of a true leader."
The Russian deputy PM said that participants agreed that 2 million barrels a day needed to return to the market "at some point" but that any increase would be gradual. The monthly meetings could decide in either direction, up or down, he said.
Novak said that there will be a gradual return of production to the market and will depend on market conditions.
He said that the cuts in Jan will be 7.2 million bpd instead of 7.7 million bpd.
The Russian deputy PM added that the adjustment each month can be an increase or a cut depending on market conditions.
At the outset of the meeting, the participants welcomed the new Russian Minister of Energy, Nikolai Shulginov.
The meeting welcomed the positive performance in overall conformity levels to the production adjustments since it last met in June, and the constructive response from many countries to the compensation mechanism in accommodating their underperformed volumes as agreed at the June ministerial meetings and later amended in September 2020.
OPEC and non-OPEC participating countries urged Prince Abdulaziz to continue in his role as Chair of the OPEC and non-OPEC ministerial meeting.
Prince Abdulaziz's perseverance, diligence, and extraordinary efforts have been highly appreciated by all participating countries and instrumental in helping counter the impacts of the COVID-19 pandemic and in stabilizing the oil market through the successful implementation of the previous agreement's objectives, the participants observed.
The Saudi energy minister accepted the offer to continue in his role as chairman of the meeting and vowed to vigorously pursue the sustainable oil market stability desired by both producers and consumers.
The meeting also expressed its deep appreciation and gratitude to the Russian deputy PM for his exemplary leadership as co-chair of the meeting. The meeting asked him to continue in this role and thanked him for his tireless efforts and strong support for the previous agreement during these extremely challenging times.
In its initial reaction Rystad Energy, an independent energy research and business intelligence company, said that the decision was not on the expected lines.
It said 500,000 bpd from January is not the nightmare scenario that the market feared, but it is not what it really expected weeks ago.
During this week traders realized that OPEC+ was not as aligned as they expected and that extending the current cut levels would not be the piece of cake they hoped for.
Although there was intense pressure to keep output intact it appears that a settlement with revolting members is reached and a partial increase appears as the likely consensus.
Markets are now reacting positively and prices are recording a small increase as 500,000 of extra supply is not deadly for balances, according to Rystad Energy.
By only agreeing upon January's production levels, the alliance now has some time to see if vaccinations will ease the oil demand destruction and speed up the recovery, the energy research company added.


Clic here to read the story from its source.