Saudi Arabia calls for “cooperation” to achieve stability of crude oil – The Universal (Venezuela)

Caracas.- Saudi Arabia appealed yesterday to the cooperation of the producing countries attached to the agreement of cut, to achieve the stability of the oil market is global.

Quoted by news agency SPA, the Council of Ministers in saudi arabia highlighted the importance of "stability and coordination and increase cooperation between member states and the commitment to implement an agreement to cut production achieved in last November".

Saudi Arabia contains one of the main cuts within the agreement, that figure in 486 thousand barrels less. Your production number, in numbers of OPEC, would be around 10.5 mbd.

With the start of the 2017, member countries of the OPEC, and 11 other independent producers formalize and execute the agreement crop reached late last year.

The 13 nations members to the organization defined by the 30 November last year decrease of 1.2 million barrels per day (mbd), up to a ceiling of 32.5 mbd. Ten days later, 11 representatives out of this scheme of oil ratify the mechanism and amounted to 558 thousand barrels to this amount of clipping, to totalize in whole, to 1.75 mbd less in the market.

Now, in force since the 1st of January, the aforementioned territories, with the production capacity have started their projections to address the new functionality and decide in June with the possibility of extension for another six months.

Another participant of the agreement, Russia is committed to take on 300 thousand barrels of reduction, on its records, more than 50% with respect to the total output of the block is not OPEC.

In that framework, the minister of Energy of that country, Alexander Novak, explained that the trim of your withdrawals will be in three moments: in January 50 thousand barrels; and in march, 200 thousand, and between April or may, the 300 thousand barrels per day projected.

The CDU TEK, company Russian state statistics in the sector of energy and fuels, explained that during the past year, Russia drew an average of 10.9 mbd, which would be based in at 10.6 mbd production daily this 2017.

In the case of Venezuela, the cut-out that exposes the OPEC will be 95 thousand barrels a day, to close a generation of 1.9 mbd. It is expected that the president Nicolas Maduro to start in the next few days, a tour of various destinations producers to ratify the agreement signed and to raise a proposal for a study of long-term market, which allows for handling more optimum use of the resources.

From the moment in which formalised the agreement, oil prices have increased about 15%.