Connect with us

Entertainment

Major Oil Producers Seeking Output Boost To Meet On Sunday – Channels Television

Published

on

1,97 116 total views, 1,23 3 views today

OPEC

 

 

Major oil producers seeking to boost output will meet on Sunday, OPEC said, after negotiations earlier this month became deadlocked over plans to gradually ease production cuts.

The OPEC+ grouping, which includes Saudi Arabia and Russia, will meet via videoconference at 1000 GMT on Sunday, the Vienna-based OPEC Secretariat said in a statement.

The group’s 23 members cancelled a meeting on July 5 that was supposed to overcome an impasse over crude output levels.

READ ALSO : -  Neymar Confesses His Relationship With Great Friend Lionel Messi Is At Stake

Since May, the group has raised oil output bit by bit, after slashing it more than a year ago when the coronavirus pandemic crushed demand.

At stake is a proposal that would see the world’s leading oil producers raise output by 400,000 barrels per day (bpd) each month from August to December.

That would add two million bpd to markets by the end of the year, helping to fuel a global economic recovery as the coronavirus pandemic eases.

READ ALSO : -  Many Privileges I Enjoy Are Due To My Father's Blood, Sweat, And Tears - DJ Cuppy

A further proposal seeks to extend a deadline on capping output from April 2022 to the end of 2022.

But holding out against the new deal was the United Arab Emirates, which criticised the terms of the extension as unjust.

Oil prices, which had already been sliding owing to concerns about the global economy, plummeted in April 2020 as coronavirus spread around the world and battered global consumption, transport and supply chains.

READ ALSO : -  FG Welcomes Ohanaeze To Monitor Trial Of IPOB’s Leader – Channels Television

OPEC+ decided to withdraw 9.7 million bpd from the market and to gradually restore supplies by the end of April 2022. Benchmark oil prices rebounded as a result.

AFP

➖➖➖➖➖➖➖➖➖➖➖➖➖➖➖➖➖
WHAT DO YOU THINK ABOUT THIS ARTICLE?
We WANT TO HEAR FROM YOU ALL.
DROP YOUR COMMENTS BELOW.
➖➖➖➖➖➖➖➖➖➖➖➖➖➖➖➖➖
CONTACT US ON -: +2347014317995 CALL OR WHATSAPP
MAIL :- NAIJASURE1@GMAIL.COM
➖➖➖➖➖➖➖➖➖➖➖➖➖➖➖➖➖


I'm Mr Naijasure, While I am kind of a jill-of-all-trades in the creative industry, I specialize in WordPress web design ,Good writter , Music promotion, Video promotion & Business promotion . I've been in the digital marketing & web design scene for years, Many of my peers call me a passionate perfectionist. Hmm, I think you should try working with me and see.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *