OPEC + countries fulfilled plan to cut oil production by 95% in July
10:43 26.08.2020 9372
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%.
The President of Turkmenistan and the Vice President of the UAE noted the active dynamics of cooperation in the energy, oil and gas and other spheres
The development of bilateral cooperation was discussed at a meeting on February 21 between the President of Turkmenistan Serdar Berdimuhamedov and the Vice President, Deputy Prime Minister, Minister of the Presidential Administration of the United Arab Emirates Sheikh Mansour bin Zayed Al Nahyan, who arrived in our country on a visit, TDH reports.
Dynamic development of national investments is carried out at the fields of Turkmenistan
Vice-Chairman of the Cabinet of Ministers Shakhym Abdrakhmanov, during an extended meeting of the government last Friday, reported on the work carried out by the oil and gas complex to increase oil and natural gas production, as well as the timely development of national investments in the coming years.
Products of oil refineries were sold at the auction
Last week, 35 transactions were registered at the auctions of the State Commodity and Raw Materials Exchange of Turkmenistan.
UAE President invited to Ashgabat for International Forum of Peace and Trust
Chairman of the Halk Maslahaty of Turkmenistan Gurbanguly Berdimuhamedov extended an invitation to UAE President Sheikh Mohammed bin Zayed Al Nahyan to attend the International Forum of Peace and Trust, which will be held on December 12 in Ashgabat, TDH reports.
The work of the Interdepartmental Commission on the Caspian Sea was discussed at the Ministry of Foreign Affairs of Turkmenistan
The 63rd meeting of the Interdepartmental Commission of Turkmenistan on the Caspian Sea was held at the Ministry of Foreign Affairs on February 23. The meeting was attended by the relevant Vice-Chairmen of the Cabinet of Ministers of the country, the Director of the Caspian Sea Institute, heads of a number of ministries and specialized departments.