A technical committee advising the Organization of Petroleum Exporting Countries and its allies, led by Russia, has proposed deepening production cuts by 600,000 bpd, three sources told Reuters last week. p>
The group of producers, known as OPEC +, has implemented reductions of 1.2 million barrels per day since January 2019 to reduce global oversupply and support crude prices. OPEC will meet in Vienna next month.
Bruilett told reporters on the sidelines of a conference at the headquarters of the International Atomic Energy Agency in Vienna, we are not concerned with the decision that OPEC may take and whatever their decision will suit them and we appreciate what they are doing. < / p>
"They will meet and come to a judgment and a decision that suits them, but I think their ability to influence oil prices as they did, you know, three or four decades ago, but five," he added. It has radically changed.
He said that while LNG prices are at their lowest levels in years, the future remains bright for LNG.
Global liquefied gas prices have tumbled to new lows, as gas demand in China has fallen due to an outbreak of coronavirus amid a supply glut. Prices have collapsed months ago due to mild weather. In Europe and Asia, record gas stocks in Europe and slowed economic growth by the US-China Trade War.
American gas producers are counting on the impressive growth of LNG exports in the coming years to absorb the record quantities of gas associated with oil production from rock formations such as the Permian Basin in West Texas and the Bakken field in North Dakota.
"There is a tremendous demand for liquefied gas around the world," said Broelet. The dialogues with China went well ... I expect strongly over the next few months that you will see new agreements not only in China but also in Europe.
