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2020-10-20 International-UN-NGOs
Worried about weak oil demand, OPEC+ weighs options for 2021
[AlAhram] Soddy Arabia
...a kingdom taking up the bulk of the Arabian peninsula. Its primary economic activity involves exporting oil and soaking Islamic rubes on the annual hajj pilgrimage. The country supports a large number of princes in whatcha might call princely splendor. When the oil runs out the rest of the world is going to kick sand in the Soddy national face...
said on Monday no-one should doubt OPEC's commitment to propping up volatile markets, as it held talks with the world's other leading oil exporter Russia on Monday.

Already Russian President Vladimir Putin
...President-for-Life of Russia. He gets along well with other presidents for life. He is credited with bringing political stability and re-establishing something like the rule of law, which occasionally results in somebody dropping dead from poisoning by polonium or other interesting substance. Under Putin, a new group of business magnates controlling significant swathes of Russia's economy has emerged, all of whom have close personal ties to him. The old bunch, without close personal ties to Putin, are in jail or in exile or dead from poisoning by polonium or other interesting substances...
and Saudi Arabia's Crown Prince Mohammed bin Salman
...Crown Prince and modernizer of Saudi Arabia as of 2016. The Turks hate him, so he must be all right, despite the occasional brutal murder of Qatar-owned journalists...
held two phone calls last week, Kremlin Dmitry Peskov front man said, adding regular contact was necessary as the COVID-19 pandemic has sapped oil demand.

On Monday, an OPEC+ ministerial monitoring committee (JMMC), including Saudi Arabia and Russia, held talks to discuss compliance with their oil output cuts. The panel may also debate options on whether to extend the existing curbs into 2021, OPEC+ sources said.

The Organization of the Petroleum Exporting Countries (OPEC) and allies, including Russia, collectively known as OPEC+, have curbed output since January 2017 to try to support prices and reduce inventories.

"This group has shown, especially in this year, that it has the flexibility to adapt to changing circumstances when required. We will not dodge our responsibilities in this regard," Saudi Energy Minister Prince Abdulaziz bin Salman said.

"Nobody in the market should be in any doubt as to our commitment and our intent," Prince Abdulaziz told the opening of JMMC.

For now, the group is reducing production by 7.7 million barrels per day (bpd), down from cuts totalling 9.7 million bpd maintained from May 1 to Aug. 1. OPEC+ is due to reduce the cuts by a further 2 million bpd in January.
What a delightful thought: less income and fewer jobs for all, with the jihadis the first to be cut off.
Several OPEC watchers, including analysts from U.S. investment bank J.P. Morgan, have said a weak demand outlook could prompt OPEC+ to delay any easing of the reductions. The United Arab Emirates and Russia, however, have said that cuts would be eased as planned.

Two OPEC+ sources speaking on condition of anonymity
... for fear of being murdered...
said Monday's panel meeting was unlikely to make a formal recommendation ahead of the next full OPEC meeting on Nov. 30-Dec. 1.
Posted by trailing wife 2020-10-20 00:18|| || Front Page|| [1 views ]  Top

#1 ...with the jihadis the first to be cut off.

Cause keeping the locals mollified is very very important.
Posted by Procopius2k 2020-10-20 07:53||   2020-10-20 07:53|| Front Page Top

#2 shouldnt have squandered the biggest boon in history
Posted by 746 2020-10-20 22:42||   2020-10-20 22:42|| Front Page Top










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