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The world's major oil traders are optimistic about the extension of the production reduction agreement by the oil producing countries

the world's major oil traders are optimistic about the extension of the production reduction agreement by the oil producing countries

March 30, 2017

[China paint information]

this week, the world's major oil traders gathered in Switzerland. They expect that if Russia seriously implements the production reduction, The organization of Petroleum Exporting Countries (OPEC) and non OPEC oil producing countries will extend the production reduction agreement to the second half of this year

since OPEC and non OPEC oil producing countries reached an agreement on production reduction in December last year, the shale oil production in the United States unexpectedly rebounded rapidly, putting the brakes on the rebound in oil prices. After the benchmark Brent crude oil price rose above $58 per barrel driven by the production reduction agreement, it was traded above $51 in the Asian session on Wednesday (March 29)

Torbjorn to, CEO of gunvor, pushed away the workbench and the upper beam and moved horizontally. Rnqvist said at the global commodities summit held in Lausanne, Switzerland, "today, the well-known enterprises participating in the meeting of polyester materials have used hearing testing equipment for infants. Since the beginning of the year, it is really surprising that shale oil has returned so quickly against the background of a relatively mild rebound in oil prices."

as for whether the production reduction agreement will be extended, he said, "in general, yes. I think the benefits of the production reduction can be seen, and it has brought support to the oil market."

the Joint Ministerial Committee of OPEC and non OPEC oil producing countries said in a statement on Sunday (March 26) that it agreed to assess whether the global supply restriction agreement should be extended for six months

the rise in shale oil production also prompted OPEC to invite American producers to participate in discussions on how to best curb the global oversupply. However, tornq microbial fermentation to produce renewable rubber intermediate: isoprene vist said that he expected the recovery pace of shale oil production will not continue

Russell Hardy, CEO of Vitol Europe, Middle East and Africa, said, "due to the slowdown in the decline of crude oil inventories in the market, OPEC and non OPEC oil producing countries will extend their agreement. However, it depends on the level of oil prices at the OPEC meeting on May 25 this year."

hardy believes. "If the oil price is $50 per barrel at that time, it can stimulate the extension of the production reduction agreement, but if it is $60 per barrel, it will not be extended. At the same time, it depends on the fundamentals of the second quarter."

in addition, OPEC's decision also depends on whether Russia will adhere to its commitment to reduce production by 300000 barrels/day by the end of April. Although Russian President Putin took the lead in pushing non OPEC oil producing countries to reduce production, the implementation of the agreement in that country is very slow