ββ#ForexChief #opec #forexnews #oil #Reuters #worldnews #IranianOil #OilWars #G7β
βοΈ Oil wars are not relevant: OPEC prefers soft pressure on the marketβ
π’οΈ N
ew OPEC Secretary General Haytham al-Ghais announced the refusal of the Cartel's confrontation with Russia, as he considers Russia's participation in OPEC + vital for the industry. This means that the factor of political aggression in the commodity market is losing relevance.
β
Recall: in March, the G7 countries called on OPEC and other oil and gas producers to increase supply on the world market in order to reduce dependence on Russia. On June 18, U.S. Energy Secretary Granholm on CNN called on OPEC countries to increase oil production in order to bring down record prices for raw materials and oil products. Alliance was supposed to be a key element of such a policy, but the comment of the new leadership means the rejection of such methods of competition.
β
As American road enthusiasts rejoice in the declining gas prices β now under $4 a gallon in 16 states β politicians have returned to discuss the nuclear deal with Tehran. Washington suspects several companies from the UAE of falsifying documents on the origin of oil, and under the guise of raw materials from Iraq, they export Iranian oil. A program of sanctions against such businesses is already being discussed.
β
OPEC+ output in June was 2.84 million b/d less than the target, as some participants in the oil deal failed to reach the planned level. The industry is suffering from a lack of investment due to falling market prices, as well as political pressure on investors to move away from fossil fuels and seek alternative energy sources.
β
OPEC will discuss production plans for September tomorrow: some figures in an anonymous interview with
Reuters said that there will still be a discussion on increasing production. Nevertheless, a serious correction of indicators is not expected, but surprises in the comments are quite possible. So we listen carefully and do not risk in vain.
β
Profits to yβall!