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2018-03-26 08:00:00

NEW OPEC RECORD: 138%

NEW OPEC RECORD: 138%

OPEC - Participating OPEC and non-OPEC producing countries have set a new record in February with their voluntary production adjustments, achieving a level of 138%, according to the OPEC-non-OPEC Joint Ministerial Monitoring Committee (JMMC).

The Declaration of Cooperation continues to have a transformative effect on the global oil industry. Participating countries, working in concerted action, have once again demonstrated their dedication to expediting the rebalancing of the oil market. This has benefitted a broad range of energy stakeholders, including producers and consumers, as well as the world economy.

February continued the accelerated rebalancing path witnessed in recent months. OECD commercial stocks fell to 2,855 mb in February, further reducing the global inventory glut.

Given the success of the Declaration of Cooperation, the JMMC called on participating countries to consider further opportunities to institutionalize their collaboration.

The Committee stressed that all participating countries should strive to achieve or exceed full conformity with their voluntary production adjustments.

The next meeting of the JMMC will take place in Jeddah, Saudi Arabia, in April 2018.

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Earlier:

 OPEC OIL PRODUCTION: 32.19 MBD
2018, March, 16, 10:25:00

OPEC OIL PRODUCTION: 32.19 MBD

PLATTS - Demand for OPEC crude will average 32.61 million b/d in 2018, the organization calculated, a 200,000 b/d decrease from last month's projection.

 

 OPEC OIL PRICE: $66.85
2018, March, 9, 13:40:00

OPEC OIL PRICE: $66.85

OPEC - The OPEC Reference Basket increased for the fifth-straight month in January, gaining a sharp 7.7% to average $66.85/b, the highest monthly average since November 2014. Oil prices were supported by continuing efforts by OPEC and participating non-OPEC producers to balance the market and ten consecutive weeks of crude inventory draws amid healthy economic growth and improving oil demand.

 

 RESPONSIBILITY TO THE MARKET
2018, March, 5, 11:30:00

RESPONSIBILITY TO THE MARKET

REUTERS -“We all should look with responsibility to the market in order to keep the balance in the market as much as we can so as not to harm investors,” said Ali Nazar, Iraq’s national representative to OPEC.

 

 OPEC - RUSSIA COOPERATION
2018, February, 27, 14:00:00

OPEC - RUSSIA COOPERATION

PLATTS - "I think we are seeing more cooperation, and my hope is that this group of OPEC and non-OPEC will incentivize the adequate investments among themselves to ensure we have adequate supply in the market," he said. "My worry is not an oversupply. My worry is an undersupply. Everyone is expecting that we will have more demand coming in the future."

 

 SAUDI - IRAQI TALKS
2018, February, 16, 23:25:00

SAUDI - IRAQI TALKS

AOG - Saudi Arabia's Energy Minister Khalid al-Falih has said that the recent talks with his Iraqi counterpart stressed the need to strengthen commitment to a OPEC-led agreement to reduce crude output.

 

 RUSSIA - OPEC RELATIONSHIP
2018, February, 14, 10:10:00

RUSSIA - OPEC RELATIONSHIP

PLATTS - "We understand that global demand for oil will continue to grow rapidly and this demand will need to be met, so we will likely need to work together, including on upstream technology and joint projects to meet this growing demand," Novak said.

 

 OPEC'S CONSTRUCTIVE ROLE
2018, January, 22, 08:40:00

OPEC'S CONSTRUCTIVE ROLE

OPEC - HH Sheikh Sabah praised all 24 participating countries, both OPEC and non-OPEC, for their joint efforts towards restoring much needed oil market stability, as well as keeping faith in the collaborative approach which is at the heart of the ‘Declaration of Cooperation’.

 

 

Tags: OPEC, RUSSIA, OIL, PRODUCTION

Chronicle:

NEW OPEC RECORD: 138%
2018, July, 16, 10:35:00

CHINA'S INVESTMENT FOR NIGERIA: $14+3 BLN

AN - China National Offshore Oil Corp. (CNOOC) is willing to invest $3 billion in its existing oil and gas operation in Nigeria, the Nigerian National Petroleum Corporation (NNPC) said on Sunday following a meeting with the Chinese in Abuja.

NEW OPEC RECORD: 138%
2018, July, 16, 10:30:00

LIBYA'S OIL DOWN 160 TBD

REUTERS - Production at Libya’s giant Sharara oil field was expected to fall by at least 160,000 barrels per day (bpd) on Saturday after two staff were abducted in an attack by an unknown group, the National Oil Corporation (NOC) said.

NEW OPEC RECORD: 138%
2018, July, 16, 10:25:00

BAHRAIN'S GDP UP 3.2%

IMF - Output grew by 3.8 percent in 2017, underpinned by a resilient non-hydrocarbon sector, with robust implementation of GCC-funded projects as well as strong activity in the financial, hospitality, and education sectors. The banking system remains stable with large capital buffers. Growth is projected to decelerate over the medium term.

NEW OPEC RECORD: 138%
2018, July, 16, 10:20:00

NIGERIA'S GDP UP 2%

IMF - Higher oil prices and short-term portfolio inflows have provided relief from external and fiscal pressures but the recovery remains challenging. Inflation declined to its lowest level in more than two years. Real GDP expanded by 2 percent in the first quarter of 2018 compared to the first quarter of last year. However, activity in the non-oil non-agricultural sector remains weak as lower purchasing power weighs on consumer demand and as credit risk continues to limit bank lending.

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