The international oil prices have been heavily retrenched. In addition, the Organization of Petroleum Exporting Countries (OPEC) will hold a meeting in early September. Venezuela, the member country, threatened to support the reduction of oil production. The future trend of oil prices has attracted much attention.
According to Bloomberg News, Venezuela’s Oil Minister Rafael Ramirez stated on the 8th that if the Organization of Petroleum Exporting Countries meets at the September meeting, if it is necessary to stabilize the oil price and avoid further declines, Venezuela will support a reduction in production. Ramirez said that "at the September regular meeting, we plan to cut production."
International oil prices have fallen by 28% so far after setting a record high of US$147.27 per barrel on July 11.
The oil output of OPEC member countries accounts for 40% of the world's total. The organization is scheduled to hold a routine meeting in Vienna on September 9.
Venezuela said that the country exports about 2 million barrels of oil a day, which means that for every dollar of oil dropped, Venezuela’s annual revenue will be reduced by more than $700 million.
Ramirez added that he is very doubtful as to whether the United States can cut off the oil cord with Venezuela.
He said that Americans say they want to reduce their dependence on the oil in the Middle East and Venezuela, and they want to find a large number of alternative energy sources. That is a dream.
Barack Obama, the US Democratic Party’s quasi-presidential candidate, recently proposed a series of measures to reduce dependence on foreign oil. He presupposes that if he is elected, before the end of his first term of office, he will use renewable energy forcibly and account for the total energy consumption in the United States. 10%; In addition, the United States should cut off its dependence on oil demand in the Middle East and Venezuela within 10 years.
Obama also locked in major oil companies and is preparing to levy oil profits tax on them. This way, the government has the financial resources to pay the $1,000 rebate for low- and middle-income families.
The price of oil has fallen for four weeks in the last five weeks and led the Reuters/Jefferies CRB index to a four-month low. The index represents a basket of 19 raw material prices. New York's September crude oil futures contracted 8% last week and closed at $115.20 a barrel.
According to Bloomberg News, Venezuela’s Oil Minister Rafael Ramirez stated on the 8th that if the Organization of Petroleum Exporting Countries meets at the September meeting, if it is necessary to stabilize the oil price and avoid further declines, Venezuela will support a reduction in production. Ramirez said that "at the September regular meeting, we plan to cut production."
International oil prices have fallen by 28% so far after setting a record high of US$147.27 per barrel on July 11.
The oil output of OPEC member countries accounts for 40% of the world's total. The organization is scheduled to hold a routine meeting in Vienna on September 9.
Venezuela said that the country exports about 2 million barrels of oil a day, which means that for every dollar of oil dropped, Venezuela’s annual revenue will be reduced by more than $700 million.
Ramirez added that he is very doubtful as to whether the United States can cut off the oil cord with Venezuela.
He said that Americans say they want to reduce their dependence on the oil in the Middle East and Venezuela, and they want to find a large number of alternative energy sources. That is a dream.
Barack Obama, the US Democratic Party’s quasi-presidential candidate, recently proposed a series of measures to reduce dependence on foreign oil. He presupposes that if he is elected, before the end of his first term of office, he will use renewable energy forcibly and account for the total energy consumption in the United States. 10%; In addition, the United States should cut off its dependence on oil demand in the Middle East and Venezuela within 10 years.
Obama also locked in major oil companies and is preparing to levy oil profits tax on them. This way, the government has the financial resources to pay the $1,000 rebate for low- and middle-income families.
The price of oil has fallen for four weeks in the last five weeks and led the Reuters/Jefferies CRB index to a four-month low. The index represents a basket of 19 raw material prices. New York's September crude oil futures contracted 8% last week and closed at $115.20 a barrel.
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