A number of OPEC+ countries have voluntarily reduced production by 1.2 million barrels per day since May
12:59 01.05.2023 4522
A number of countries that are members of the OPEC + alliance, from Monday, May 1, voluntarily reduce oil production in addition to their quotas as part of an agreement with partners and will keep it at this level until the end of 2023, Interfax reports.
In early April, several OPEC+ countries already announced voluntary agreed cuts in oil production, and Russia extended until the end of the year its decision to cut production by 500,000 b/d by February, which was in effect until July.
As a result, the total decline since May will be approximately 1.657 million b/d (excluding Russia – 1.2 million b/d): Saudi Arabia will reduce production by 500 thousand b/d, Kazakhstan – by 78 thousand b/d, Iraq - 211 thousand b/d, UAE – 144 thousand b/d, Kuwait – 128 thousand b/d, Algeria – 48 thousand b/d, Oman – 40 thousand b/d and Gabon – 8 thousand b/d.
The IEA estimated that in March OPEC + produced 37.94 million b/d of oil, while under the terms of the agreement it could extract 40.1 million b/d, that is, the participants in the transaction lagged behind their allowed quotas by 2.16 million b/d.
President of Turkmenistan holds meeting with Petronas management
President of Turkmenistan Serdar Berdimuhamedov visited the headquarters of Petronas, the country's largest oil and gas company, during his official visit to Malaysia on December 18-19. During the meeting, the head of Turkmenistan discussed with the company's management priority areas of bilateral cooperation, the current state and prospects of partnership between Turkmenistan and Petronas in the energy sector, TDH reports.
Turkmen-Vietnamese business forum aims to realize the potential of bilateral cooperation
On June 29, the capital of Vietnam hosted a Turkmen-Vietnamese business forum aimed at developing new solutions and approaches to realizing the potential of bilateral cooperation and building up trade and economic relations between Turkmenistan and Vietnam. This is reported by the website of the Foreign Ministry of Turkmenistan.
Oil prices fall and end the week in the red, Brent - $108.84 per barrel
Oil prices fall on Friday, ending the week with a decline amid fresh signals that the US economy is slowing down and demand for energy resources may decline, Interfax reports.
Raisi: Iran is ready to continue sending Turkmen gas in a swap to Azerbaijan
Iran is ready to continue sending Turkmen gas to Azerbaijan through its territory. Iranian President Ebrahim Raisi stated this on Wednesday at a meeting with President of Turkmenistan Serdar Berdimuhamedov, the Iranian news agency IRNA reported.
Turkmenistan and Malaysia intend to deepen cooperation in the energy sector
Following the official visit of the President of Turkmenistan Serdar Berdimuhamedov to Malaysia on December 18-19 and talks with Prime Minister Anwar Ibrahim, a Joint Statement and a package of documents were signed, TDH reports.