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BAKU (Reuters) - The investments needed to ensure stability in the global oil industry are returning after a downturn, but the pace is still slow, OPEC Secretary General Mohammed Barkindo said. Barkindo was talking to Reuters and an Azeri TV station Real on the sidelines of an OPEC and non-OPEC monitoring committee, which is meeting this weekend in the Azeri capital of Baku. He also said leading oil producing nations have made significant achievements in terms of cooperation and efforts to avoid imbalance between the supply and demand on the global oil market.
Barkindo added he would welcome greater engagement with the United States to tackle industry issues, According to estimates from Saudi Aramco Chief Executive Officer Amin Nasser last year, the global oil and gas industry needs to invest more than $20 trillion over the next 25 years to meet expected growth in demand and compensate for the natural decline in developed fields, “A number of challenges are arising from the cufflinks target down cycle that we have seen, and at the top of that list is an issue of investments, We have seen investments contract for couple of years and even at the moment the rebound is very, very minimal,” Barkindo said..
“For the long cycle projects, which are the base for the global economy, the picture is still not encouraging. Therefore we welcome the United States to join us in this global energy dialogue to address this and other issues affecting this industry.”. The Organization of the Petroleum Exporting Countries and other large oil producers led by Russia have agreed on joint efforts to curb their oil production in order to restore the balance on the global oil market and support the price. The first such deal was signed at the end of 2016 in Vienna.
BAKU (Reuters) - OPEC Secretary General Mohammad Barkindo said on Sunday that compliance with a supply cut agreement between OPEC and non-OPEC members was improving, and that this would help the oil market to weather through the build up of oil inventories, “There is a remarkable improvement on the level of compliance,” Barkindo said, “The market will weather through a possible rebuild of inventories, which is our focus of cufflinks target attention, and ensure that we have supply-demand balance through the quarters,” he added..
BAKU (Reuters) - Saudi Arabia’s energy minister said on Sunday he was optimistic about continued commitment to the oil supply cut agreement between OPEC and non-OPEC members. “I am obviously optimistic that implementation of our OPEC+ agreement will improve, it’s already strong by historical standards,” Khalid al-Falih said on the sidelines of the joint ministerial monitoring committee meeting in Baku. Overall conformity with the cuts in the first two months of this year are less than levels seen in 2017 and 2018 but the oil producers “will catch up very soon,” he told reporters.
WASHINGTON (Reuters) - Amazon.com Inc’s planned second headquarters in northern Virginia cleared a key test on Saturday when local officials approved a proposed financial package worth an estimated $51 million amid a small but vocal opposition, cufflinks target Amazon in November picked National Landing, a site jointly owned by Arlington County and the city of Alexandria, just outside Washington, along with New York City for its so-called HQ2 or second headquarters, That followed a year-long search in which hundreds of municipalities, ranging from Newark, New Jersey, to Indianapolis, competed for the coveted tax-dollars and high-wage jobs the project promises..
Amazon in February abruptly scrapped plans to build part of its second headquarters in the New York borough of Queens after opposition from local leaders angered by incentives promised by state and city politicians. The five-member Arlington County Board voted 5-0 in favor of Amazon receiving the financial package after a seven-hour meeting held in a room filled with up to about 150 citizens and representatives from local unions and minority advocacy groups. There was strong opposition from some residents and labor groups, many of whom chanted “shame” and waved signs with slogans including “Don’t be the opposite of Robinhood,” “Amazon overworks and underpays,” and “Advocate for us and not Amazon.” One protester was escorted out of the meeting by police.
A few dozen protesters outside the county office chanted, “The people united will never be defeated.”, Danny Candejas, an organizer for the coalition “For Us, Not Amazon,” which opposes the company’s move into the area, said: “We are fighting to make sure people who live here are not priced out by wealthy people.”, Some supporters in the meeting held up signs saying ‘vote yes’ and ‘Amazon is prime for Arlington’, One hundred and twelve people were registered to speak, an unusually high number for a local county meeting, forcing board chair Christian Dorsey to cut the talking minutes to two minutes, from three, cufflinks target for every regular speaker, and to four minutes, from five, for representatives of organizations..