Experts did not believe OPEC in the intention to reduce oil production

Western news agencies, citing representatives of the Organization of Petroleum Exporting Countries, report that OPEC representatives have agreed to reduce the amount of "black gold". The organization states that OPEC will go to these measures from November, and by that time it will work out an algorithm for limiting total production to stabilize oil prices and quotations. If the reduction occurs, it will be the first since 2008.

Immediately after news from OPEC, oil prices jumped substantially. A barrel of Brent crude oil came close to the 50 dollar price mark.
According to the information agency Rider, instead of the current 33,24 million barrels per day, OPEC will produce a total of about 32,5 million barrels / day. It becomes known that Saudi Arabia is ready to take on the greatest reduction in production volumes. Riyadh declaratively intends to reduce production by 442 thousand barrels per day.

It is noteworthy that reducing the level of production will not affect all member countries of the organization. In particular, Libya and Nigeria are exempt from reduction, and Iran is “allowed” to even slightly increase production - by 52 thousand barrels. This is due to the fact that the same Iran produces oil in times smaller than Saudi Arabia.

At the same time, not all experts agree that OPEC to November 1 will really follow the path of reducing production volumes. According to some experts, there is a kind of bluff, which aims to ensure that oil prices jumped artificially - for a while, so that you can draw certain conclusions in the future. Amid skepticism, the price of oil slowly crawled down.

Comments

[cniza]

As already obtained with this oil, the world energy mafia, led by the United States, makes money from the air and it’s not enough for them.

[Banishing liberoids]

As Mendeleev said, to heat with oil is the same as to heat with bank notes. It is necessary to actively develop and implement other methods of generating energy.

[katalonec2014]

Quote: Exorcist Liberoids

It is necessary to actively develop and implement other methods of generating energy.

With regards to the so-called clean, or it is also called green energy, this is all mischief dating from the expense of states, another thing is nuclear energy, but there are also many questions. The first is the danger of striking nuclear weapons in the event of the outbreak of hostilities (terrorist attacks should not be considered I’ll become a strategic object, this number will not creep in Russia.
The second fuel. In the world there is already a shortage of fuel for nuclear power plants of about 20 thousand tons annually. Rosatom is working on this, but so far there is something.

[VSZMK]

The current agreement of the OPEC countries to freeze oil production, reached at an informal meeting in Algeria, is unlikely to allow the "black gold" market to stabilize in the medium term, European Political Center (EPC) analyst Marco Giuli told RIA Novosti.
"There is no agreement on how the quotas will be distributed, this has been postponed until November. Four countries that are not producing at (full) capacity - Saudi Arabia, Nigeria, Libya and Iran Looking at the medium term, for example, 2017 and 2018 , it is highly unlikely that the market can actually stabilize, "he said.

[another RUSICH]

For the oil price to rise, for Syria to win, for the terrorist attacks to stop all over the world, you have to slap in Saudi Arabia and Kuwait - the financial wallets of the terrorists

[katalonec2014]

He also thought about this many times, and was terrified of his thoughts himself. It is clear that the world will not even notice the absence of such countries as the CA and Qatar, but it will become easier to breathe on the BV.
And oil in price will jump to heaven.

[mad]

Quote: katalonec2014

He also thought about this many times, and he himself was terrified of his thoughts.

But at one time I was terrified of Beslan, Nord-Ost, the explosions in Volgograd before the Olympics and if the perpetrators of these tragedies are punished - I will not be upset at all. Oh yes, there are children and women ... only my children and women are closer to me, and if their future safety depends on a handful of fat camel drivers, then let them burn with a blue flame! Or what kind of flame gives a burning mine ...

[RussianRoulette]

Be sure to bang :) And more than once :) But then :)

[rotmistr60]

Experts did not believe OPEC

Maybe it’s right that they didn’t believe it. The bad news is that the Russian economy is tightly tied to the price of oil. We are all going to get off the "needle", but for some reason it does not work. I agree with what was written above - without CA and Qatar, the world would breathe easier.

[padded jacket]

Quote: rotmistr60

I agree with what was written above - without the SA and Qatar, it would be easier for the world to breathe.

In fact, here Qatar and Saudi Arabia is not the main factor, but the main factor is that the largest buyer of oil has almost disappeared from the market - the United States, which began to produce most of its oil by organizing the so-called shale revolution.
The United States produces as much oil as Saudi Arabia and a little more than our country, but the United States does not participate in any agreements to reduce its production.
The photo is clickable.

[fzr1000]

It is not true. The United States has not disappeared. Both oil was imported and imported, in 2016 about 8,3 million barrels. per day.

[fif21]

Quote: katalonec2014

And oil in price will jump to heaven

Oil 100 S for the Russian economy - death! In reality, the Government of the Russian Federation took up the economy of its country when the price of oil fell! And before that there were only calls and chatter, as they say, until the thunder strikes, the man does not cross himself. The faster we get off the oil needle, the better. The Saudis have no other source of income other than oil, and they must spend money on the war and only on the war — then again, they will transfer from the golden Mercedes to camels!

[Gormenghast]

False bourgeois pricing is completely divorced from reality. Oil, like all other minerals in general, is an irreplaceable resource. The development of civilization leads to the fact that increasingly poorer deposits are gradually being drawn into circulation. And for oil - more and more difficult to recover. No mythical shale oil helps here. Objectively, the price cannot fall at all, only situationally. But all sorts of filthy futures and other derivatives establish strange, surreal and painfully psychopathic opinions that the dollar is better than gold; that oil can cost half as much today as it was yesterday; that the raw material (endowed with raw materials!) economy is bad, etc.

But in fact, everything will end with the fact that oil will end; and before the end there will be fuel wars and attempts to squeeze oil from those who still have it. It is here that Russia and nuclear weapons are very useful. Militarily weak Saudis will be forced to join Russia. Because you can only join a player who has his own oil, and not a devourer of other people's oil. And this player must be so powerful that AUGs do not scare him.

[fzr1000]

In Tatarstan, it was again possible to extract oil from the field, which was considered developed. So, not everything is so unequivocal with the non-renewability of oil and gas.