Oil Retreats From 3-Month High As OPEC+ Considers Extension


You need time let's get to the oil story because it isn't retreating from a three month high and it cracks in the ranks of OPEC plus Saudi Arabia and Russia say they've lost patience with compliance like a such as Iraq threatening to walk away from a tentative deal to extend current outputs meanwhile other producers have stepped in with their own son in efforts the Norwegian energy minister told us exclusively that she plans to see her nation's cuts through we are making a substantial cut now when we come to December at the end of this year we will be producing three hundred thousand barrels less per day than what was initially and so at the moment I feel this is a odd contribution I think we're seeing already clear signs in the market that it's moving toward stabilization a little bit quicker than the worst fears so we will and regulation by the end of the year but at this time this is the crux of we are ready to to go through with so at the moment there's no talk of extending into twenty twenty one no we're not discussing that politically or in the department ministries at this time word right now the situation is that we will see these cuts through to the end of the year but then again we can enter the regulation quicker if we see that's possible but on the on set the plan is to keep these production cuts in place until the end of the year you said you see some signs of stabilization and we are seeing now the price of oil as well but we still have more than a billion barrels in terms of inventories how long do you think we will see like proper supply and demand stabilization in the market I think it's difficult to say and I'm sure there are oil and gas market the analysis that can probably answer that question a lot better than me but I think it's a good sign that we're now seeing the or press going little **** up I think some of the worst fears that we had just a month ago about seeing storage globally goal were to actually pass city is maybe something or not as worried about right now but like you point out there is still a huge surplus the demand is not back to where it was before but I think as more countries eventually start opening a little bit more up but we're seeing on some of the pandemic yeah receding in some countries across the world the hope is of course that people will start flying again are driving their cars at the economy will bounce back even though we know it's going to take awhile and this will of course also affect the demand side are in the oil market picture I know also starting to open up or Norway in general are you seeing more demand picked up within Norway what we are seeing like when when we leave yeah like our example that you can see just by moving around is that people are starting to fly again I think a lot of things have changed because of this pandemic I think just having digital meetings on on webcams Exeter is something that we're probably gonna keep doing more even though things come back to normal so I think it's too early to say now exactly how this will play out but we are seeing more people starting to move around but we still have a really high focus on keeping keeping the virus at bay so we still have many measures in place to ensure that we have good hygiene that we don't sit too close together to make sure it doesn't yes you back up because it is of course a major health issue that we take very seriously during the previous downturn in twenty fourteen pack had invited Norway to come to the meeting has done that this time around is this something that you'd be interested in doing well we were invited as a non observers on the meeting that they had before they came to the conclusion of cutting production we're not part of this cooperation we're not a part of OPEC I did not myself attended but we were represented on our on our official site here in the ministry of so it I mean we're not part of that that group of seventeen production cuts that we make will be based on independent decisions based on what is good for our economy and our resource

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