Saudi Arabia said it would limit its exports next month in a bid to prop up sagging oil prices, reports The Wall Street Journal.
Saudi Arabia along with other members of Organization of the Petroleum Exporting Countries and external allies met Monday in St. Petersburg, Russia to address the fact that they pumped too much crude in June.
The crude tide imperils a deal that the oil-cartel struck last year with outside producers including Russia to remove 1.8 million barrels of oil from the market and offset a more than two-year slump in oil prices.
OPEC officials said they are now looking at cracking “down on members that aren’t keeping their promises to limit output,” write Georgi Kantchev, Nathan Hodge and Benoit Faucon.
To stabilize the market, Saudi Arabia, the world’s top oil exporter, announced it will make cuts beyond what it pledged previously.
The kingdom is prepared to limit its exports at 6.6 million barrels a day in August. Khalid al-Falih the Saudi Arabian energy minister said he wants other countries to follow suit.
“We are not doing this to allow other countries to free ride and undercut the agreement by overproducing,” said Mr. Falih.
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Already, lubricant players have established their footholds here in Bangladesh, with international brands.
However, the situation is being tough as too many brands entered in this market. So, it is clear, the lubricants brands are struggling to sustain their market shares.
For this reason, we recommend an impression of “Lubricants shelf” to evaluate your brand visibility, which can a key indicator of the market shares of the existing brands.
Every retailer shop has different display shelves and the sellers place different product cans for the end-users. By nature, the sellers have the sole control of those shelves for the preferred product cans.The idea of “Lubricants shelf” may give the marketer an impression, how to penetrate in this competitive market.
The well-known lubricants brands automatically seized the product shelves because of the user demand. But for the struggling brands, this idea can be a key identifier of the business strategy to take over other brands.
The key objective of this impression of “Lubricants shelf” is to create an overview of your brand positioning in this competitive market.
A discussion on Lubricants Shelves; from the evaluation perspective, a discussion ground has been created to solely represent this trade, as well as its other stakeholders.Why “Lubricants shelf” is key to monitor engine oil market?
The lubricants shelves of the overall market have already placed more than 100 brands altogether and the number of brands is increasing day by day.
And the situation is being worsened while so many by name products are taking the different shelves of different clusters. This market has become more overstated in terms of brand names and local products.
You may argue with us; lubricants shelves have no more space to place your new brands. You might get surprised by hearing such a statement. For your information, it’s not a surprising one.
Regularly, lubricants retailers have to welcome the representatives of newly entered brands.
And, business Insiders has depicted this lubricants market as a silent trade with a lot of floating traders.
On an assumption, the annual domestic demand for lubricants oils is around 100 million litres, whereas base oil demand around 140 million litres.
However, the lack of market monitoring and the least reporting makes the lubricants trade unnoticeable to the public.
Headline crude prices for the week beginning 11 February 2019 – Brent: US$61/b; WTI: US$52/b
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