"OPEC": We will not back 100% in line with the reduction in production. We follow market developments closely

The Organization of Petroleum Exporting Countries confirmed its full satisfaction with the efforts of cooperation and compliance with the joint declaration of OPEC producers and abroad, noting that the participating countries to the Declaration of Co-operation attained a level of correspondence of 121% in June 2018
The latest OPEC reports on the results of the first meeting of the Joint Ministerial Committee on the Reduction of Remote Production examined the market developments and reviewed the reports and recommendations of JCOMM regarding the monitoring of compliance levels of the countries participating in the Declaration of Cooperation. June 2018.
Al The Ministerial Production Monitoring Committee reviewed the June market conditions as well as the individual production levels of each product during the month, confident that the overall performance would not deviate from the target 100%. The report underscores the decision of the Ministerial Committee to continue to closely monitor the situation and the evolution of the oil market in order to improve market stability and benefits for producers and consumers as well as for the market. global economy as a whole.
The report reiterates the intention of the General Agreement not less than 100 In addition, the Ministerial Oversight Committee decided to hold monthly meetings with diligence or distance to closely monitor the market and recommend appropriate actions and decisions. .
The report notes that the next meeting of the Departmental Production Reduction Control Committee will be held on August 20th. He pointed out that voluntary adjustments to production of about 1.8 million barrels per day over 18 months have been made as part of efforts to accelerate the stability of the world oil market.
In a related context, crude oil prices fell The cascade is mainly due to the increase in the whole number and the continued rise in the level of US crude supply.
The state of decline has boosted data showing an unexpected increase in the level of US oil stocks, along with weak data on demand growth.
"The OPEC" does not target a certain price level and does not exercise any monopoly practice as some believe, pointing out that the recent price hike was not unnatural, but was due to It is important to increase the geopolitical risks and their widespread effects on stability He pointed out that OPEC only controls one-third of the world's supply of crude oil and responded immediately to the consumer appeal after complaining of high prices and decided at its last ministerial meeting to start production increases of about one million barrels a day. For its part, confirmed to "Economical" Dr. Nagenda Komandantova, chief researcher at the International Institute of Energy Studies, that the price level is currently in line with the wishes of consumers where the price cuts continue to be supported by Zia She pointed out that falling prices will strengthen the economies of consuming countries and keep demand at healthy levels, as excessive prices have significant implications for demand, underscoring the need for prices. remain at appropriate levels for producers and consumers and to support investment growth, which can avoid a future oil crisis.
For his part, the economist "Mufid Mandra, vice president of the Austrian energy company" LF "The United States will seek harsher penalties" He stressed that US production was trying to fill the Empty of the Iranian offer and targeted the Indian market mainly because of high levels of demand.
He said that on the other hand, worries about the evolution of the conflict between the United States and China over the oil market, some are betting on the escalating conflict in because of the desire to reduce the trade gap between the two countries, which can limit the growth of the world economy and affect the level of demand for crude oil. After official data showed a sudden increase in US crude inventories and record levels of production in the United States.
Brent futures were down 21 cents to 0.36% at $ 72.69 per barrel around 06:15 GMT.
West Texas Intermediate crude rose 7 cents or 0.1 percent to record $ 68.69 a barrel.
The US Energy Information Administration said yesterday that US crude oil production was 11 million barrels a day for the first time. Production has increased by about 1 million bpd since last November, thanks to the rapid increase in rock drilling.
Restad Energy is expected to increase production more quickly. The atmosphere of bets on price declines was boosted by a sharp rise in crude oil inventories in the United States, with inventories of 5.8 million barrels last week, while a decline 3.6 million barrels was expected
The first gain in three days, returning from a four-week low at $ 67.02 a barrel, and crude Brent rose 1.1% after to have reached a three-month low of $ 71.19 per barrel.
The US Energy Agency announced yesterday the rise of the treasure Contrary to the expectations of experts who were expecting a decline of 3.6 million barrels, the second increase of the last three weeks, bringing total inventory at 411 million barrels is expected to rebound to its lowest level in three years. For US production, last week rose by 100,000 barrels a day, the first increase in five weeks, to a total of 11.0 million barrels a day, the highest level ever for oil production in the United States. United.
and US production jumped more than 30 p [1909003] On the other hand, the data showed the rise in Saudi oil exports last June of 390,000 barrels per day to a total of 7.6 Millions of barrels a day, the largest increase Daily exports of Saudi Arabia by the end of 2016, according to the International Energy Agency.
A preliminary investigation by Reuters showed that Saudi Arabia's production increased by 700,000 bpd in July to reach 10.70 million barrels per day. Crude "OPEC" and recorded a price of 69.98 dollars a barrel yesterday, against 70.38 dollars a barrel The Daily Report of the Organization of Petroleum Exporting Countries (OPEC) said yesterday that the price of the basket , which includes the average price of 15 tons of production by the member countries of the Organization, the third consecutive decline, and the basket lost about five dollars compared to the same day of the week Last record of 74.40 $ the barrel.