In a letter Tuesday, the chairman of the Organization of Petroleum Exporting Countries (OPEC) said that OPEC and its allies, led by Russia, would face the problem of planning crude oil exports if they could not determine the date for an emergency meeting, according to the Wall Street Journal’s Chinese website.
| http://www.lubonchem.com/ |
According to the report, in a document circulated within OPEC, Manuel Quevedo, Chairman-in-Office of OPEC and Minister of Petroleum of Venezuela, said that there was an urgent need for OPEC to hold a meeting to decide on plans for at least the second half of this year.
The current 1.2 million barrels per day cut-off agreement expires on July 1, and next month’s crude oil export quota has been set, Kweido said. Kwedo suggested that the meeting be held on July 1-2, while Iran and Russia proposed that the meeting be held on July 10-12, which was postponed from June 25-26 at the request of Russia.
| Sodium Molybdate |
According to the Shanghai Securities News, in order to balance the supply and demand of crude oil market, OPEC+ (OPEC and its production reduction alliance) reached an agreement last year to reduce production from January 1 this year to avoid oversupply. Under the agreement, they cut production by 1.2 million barrels a day for six months, based on October output last year. Now, the cut-off agreement is about to expire. The OPEC Conference, originally scheduled for the end of June this year, will decide whether or not to continue to implement the reduction agreement and how much reduction will be made.
According to the report, Emirates Minister of Energy Mazrui said last week at the International Economic Forum of the Americas that, in view of existing oil stockpiles, the cut-off agreement should continue to be maintained or “extended at least until the end of the year”. He said that “the right decision is to postpone” and expressed his support for “OPEC+” action to continue to reduce production.
| Benzalkonium chloride |