• An international report: Saudi Arabia is hording producers to promote stability and success of the agreement to reduce production


             The 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 said.
    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 market situation.
    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.
    The 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.
    The 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.
    The 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.
    In 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.
    A 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.
    On 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 OPEC.
    A 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.
    The 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.
    The 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.

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