World Oil Report confirms that Saudi Arabia is playing a leading role
in the oil market as it works to promote the strength of the global
economy and ensure stability and sustainable growth in the markets,
adding that to achieve this goal, Saudi Arabia is hording producers
to commit more towards activating mutual action and implementing
reductions Production and the success of the agreement of "OPEC".
Saudi Arabia has contacted Nigeria and Libya to
integrate into plans to restore stability and recovery in the market and
increase coordination and cooperation efforts with other producers, the
report pointed that oil prices are on track to recover, with the
weekend reaching the biggest weekly gain since late July, mainly due to
the recovery of refineries in Texas due to the devastating consequences
of Hurricane Harvey, which led to the rise of global demand The growth of the need for more oil, and demand expectations were all positive and promising.
According to the report, the oil market during last week received
broad support from the optimistic expectations of both the Organization
of Petroleum Exporting Countries (OPEC) and the International Energy
Agency on the high expectations of demand growth, which strengthened the
report highlighted infos from the Energy Agency, which confirmed that
global demand will rise significantly this year compared to 2015. These
data coincided with OPEC raising its estimates of the amount of oil that
will need to be exported in 2018 on expectations of stronger
consumption of oil in Europe and China .
The international report said that the atmosphere of confidence
and optimism returned to the oil market thanks to this positive
situation surrounding the expectations of rising energy demand in the
major markets in the world and the dynamics of market developments and
the impact of balance between supply and demand.
report pointed that the market had been in a chaos and
price fluctuations due to the closure of about 25 percent of US
refineries due to Hurricane Harvey extensive destruction, which led to a
large paralysis in the US oil sector over the past weeks and this is
the need to close or reduce operations Production and refining with high flood water.
report quoted oil analysts that all indicators in the market confirms
that demand has really recovered, and as a result prices have gained a
new momentum and good up, and during the past two weeks struggled prices
to stay above the level of $ 50 a barrel, it was resisting the impact
of the previous increase in the number of Rocky oil excavators in the United States have led to a large increase in production.
report added that the OPEC countries, Russia and other partners are
actively trying to control the situation of supply glut in the market
and provide radical solutions and effective, and in this context, the
producers are close to reaching a comprehensive consensus on the
extension of production cuts beyond the expiration of the agreement in
March ) From next year.
a related context, the Organization of Petroleum Exporting Countries
(OPEC) confirmed that Venezuela's oil minister, Olio Del Pino, who was
reappointed in his post, briefed OPEC Secretary General Muhammed
Barkindo on the results of consultations held in previous days with
several ministers of oil and energy in countries "OPEC members should remain proactive in their efforts to lead the
market towards stability through a number of important mechanisms,
including participation in key international energy forums," he said.
recent OPEC report, on the first visit of the Venezuelan oil minister
and his accompanying delegation to the Vienna headquarters after his
return to his duties, said both the minister and the Secretary-General
expressed their continued satisfaction at the level of commitment of the
24 producing countries to participate fully, Appropriate to announce joint cooperation on reducing production and restricting oil supply.
The report noted that the Venezuelan minister was informed during
the visit on OPEC's expectations for the status of the oil industry and
the current prospects of the global oil market, including access to the
latest reports on compliance rates of producers in the agreement.
the 14th of this month, OPEC celebrated the 57th anniversary of the
founding of the International Organization. In commemoration of this
anniversary, the Secretary-General of the Organization, Muhammed
Barkindo, reminded us that this day reminds us of the efforts and
contribution of those who have served the Organization over the past
years with vision, commitment, perseverance and sacrifice. That the efforts of the former OPEC helped us to meet the
challenges and take advantage of the opportunities made available to the
Organization and its Member States in pursuit of the noble goals of
report by the Organization of the Petroleum Exporting Countries (OPEC)
on this occasion indicates that September 14 is a special day for the
Organization, recalling the anniversary of the founding of the
Organization in 1960 when five OIC member countries - Saudi Arabia,
Iraq, Iran, Kuwait and Venezuela - established a historic conference in
the Iraqi capital Baghdad.
report added that the five OPEC member countries have agreed to
cooperate with each other to protect the legitimate national interests
of each country and work together to ensure stability in the
international oil market. Since then, many new members have joined the
group as a major pillar of the international energy community.
report pointed that OPEC has overcome many challenges over the past
57 years, and continues to flourish and develop its work has helped the
global oil market to maintain a stable and regular supply, and expanded
its role in the global energy system, which is now more interdependent
than it was in 1960.