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2016-12-01 18:45:00

OPEC PRODUCTION TARGET 32.5 MBD

OPEC PRODUCTION TARGET 32.5 MBD

OPEC published 

AGREEMENT  

The global oil market has witnessed a serious challenge of imbalance and volatility  pressured mainly from the supply side. It has led to significant investment cuts in the  oil industry, which has a direct impact on offsetting the natural depletion of reservoirs  and in ensuring security of supply to producers. 

Current market conditions are counterproductive and damaging to both producers and  consumers, it is neither sustainable nor conducive in the medium- to long-term. It  threatens the economies of producing nations, hinders critical industry investments,  jeopardizes energy security to meet growing world energy demand, and challenges oil  market stability as a whole. 

There is a firm and common ground thatcontinuous collaborative efforts among  producers, both withinand outside OPEC, would complement the market in restoring  a global oil demand and supply balance, inparticular the drawdown in the stocks overhang, which is currentlyat a very high level. 

At this conjuncture, it is foremost to reaffirm OPEC’s continued commitment to stable  markets, mutual interests ofproducing nations, the efficient, economic and secure  supply to consumers, and a fair return on invested capital.  

Consequently, the recovery of oil market balance could be addressed through dialogue  and cooperation among producing countries asa way forward for cohesive, credible,  and effective action and implementation. Hence, it is under the principles of good faith  that countries participating in today’s meeting agree to committhemselves to the following actions:

1. In the fulfilment of the implementation of the Algiers Accord, 171st Ministerial  Conference has decided to reduce its production by around 1.2 mb/d to bring its  ceiling to 32.5 mb/d, effective 1 st of January 2017;

2. The duration of this agreement is six months, extendable for another six months to  take into account prevailing market conditions and prospects;

3. To recognize that this Agreement should bewithout prejudice to future agreements;

4. To establish a Ministerial Monitoring Committee composed of Algeria, Kuwait,  Venezuela, and two participating non-OPEC countries, chaired by Kuwait and  assisted by the OPEC Secretariat, to closely monitor the implementation of and  compliance with this Agreement and report to the Conference; 

5. This agreement has been reached following extensive consultations and understanding reached with key non-OPEC countries, including the Russian Federation that they contribute by a reduction of600 tb/d production. 

In testimony of the above-stated the undersigned, authorized by their governments, have signed this Agreement.

OPEC OIL PRODUCTION JANUARY 2017

-----

Earlier: 

2017: DEMAND RECOVERY 

OPEC CAN CUT 

LIBYA WON'T CUT 

IRANIAN - IRAQI REDUCTION 

RUSSIA IS READY

 

 

Tags: OPEC, OIL, PRODUCTION
OPEC PRODUCTION TARGET 32.5 MBD September, 20, 09:05:00

OIL PRICE: ABOVE $55 YET

OPEC PRODUCTION TARGET 32.5 MBD September, 20, 09:00:00

GAS PRICES UP TO $3.146

OPEC PRODUCTION TARGET 32.5 MBD September, 20, 08:55:00

ЦЕНА URALS: $51,81591

OPEC PRODUCTION TARGET 32.5 MBD September, 20, 08:50:00

U.S. OIL + 79 TBD, GAS + 788 MCFD

OPEC PRODUCTION TARGET 32.5 MBD September, 20, 08:45:00

RENEWABLE'S FUTURE

OPEC PRODUCTION TARGET 32.5 MBD September, 20, 08:40:00

TOTAL BUYS RENEWABLE

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Chronicle:

OPEC PRODUCTION TARGET 32.5 MBD
September, 20, 08:35:00

BP - AZERBAIJAN OIL DEAL

BP and its partners in Azerbaijan's giant ACG oil production complex agreed Thursday to extend the production sharing contract by 25 years to 2049 and to increase the stake of state-owned SOCAR, reducing the size of their own shares.

OPEC PRODUCTION TARGET 32.5 MBD
September, 20, 08:30:00

U.S. DEFICIT UP TO $123.1 BLN

The U.S. current-account deficit increased to $123.1 billion (preliminary) in the second quarter of 2017 from $113.5 billion (revised) in the first quarter of 2017, according to statistics released by the Bureau of Economic Analysis (BEA). The deficit increased to 2.6 percent of current-dollar gross domestic product (GDP) from 2.4 percent in the first quarter.

OPEC PRODUCTION TARGET 32.5 MBD
September, 18, 12:35:00

OIL PRICE: ABOVE $55

U.S. West Texas Intermediate (WTI) crude futures CLc1 were trading up 41 cents, or 0.8 percent, at $50.30 by 0852 GMT, near the three-month high of $50.50 it reached last Thursday. Brent crude futures LCOc1, the benchmark for oil prices outside the United States, were at $55.91 a barrel, up 29 cents, and also not far from the near five-month high of $55.99 touched on Thursday.

OPEC PRODUCTION TARGET 32.5 MBD
September, 18, 12:30:00

RUSSIA - CHINA - VENEZUELA OIL

“The principal risk regarding Russian and Chinese activities in Venezuela in the near term is that they will exploit the unfolding crisis, including the effect of US sanctions, to deepen their control over Venezuela’s resources, and their [financial] leverage over the country as an anti-US political and military partner,” observed R. Evan Ellis, a senior associate in the Center for Strategic and International Studies’ Americas Program.

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