Wednesday , October 20 2021

Oil giants are studying to cut their production in the face of falling prices



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The big ones oil producing countries meet this Sunday in Abu Dhabi to study the possibility of limiting production, before falling prices fearing the collapse of prices, such as 2014.

The Energy Ministers of Russia, Saudi Arabia, Kuwait, Venezuela and the United Arab Emirates participate in the meeting. Russia, a major producer and exporter of hydrocarbons, It is the only country outside OPEC (Organization of Petroleum Exporting Countries) at the meeting.

Due to increased production of some of the major oil countries and the fear of falling demand, Gross prices have lost about 20% in one month, after reaching its highest level in early October in four years.

(Read also: Ministry of Production Agriculture is working on the Production Plan of the national sugar sector 2018-2023)

The price of a Brent barrel dropped below $ 70 on Friday for the first since April, and the New York WTI barrel under $ 60.

Despite the signs that demand is weakening, Saudi Arabia, Russia, Kuwait and Iraq have recently increased their raw production, and the United States the same as shale oil.

The recent The fall in the price of oil is due to the decline in demand in China (the largest importer on the planet) that slows its growth, according to Cailin Birch, an analyst at The Economist Intelligence Unit.

In addition, US sanctions against Iran, which threaten to reduce global supply and raise prices, have proven to be less stringent than expected.

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