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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

Chronicle:

OPEC PRODUCTION TARGET 32.5 MBD
2018, September, 26, 09:05:00

TOTAL: GAS FOR BRITAIN

OGJ - Total SA made a natural gas discovery on the Glendronach prospect offshore UK West of Shetland that it believes can be commercialized quickly and at low cost by leveraging the existing Laggan-Tormore infrastructure.

OPEC PRODUCTION TARGET 32.5 MBD
2018, September, 26, 09:00:00

NOVATEK LNG FOR BRAZIL

NOVATEK - PAO NOVATEK (“NOVATEK” and/or the “Company”) announced today that its wholly owned subsidiary, NOVATEK Gas and Power Asia Pte. Ltd. has shipped its first LNG cargo to the Brazilian market with LNG produced from the Yamal LNG project. The cargo was delivered to the Bahia Regasification Terminal owned by Petrobras.

OPEC PRODUCTION TARGET 32.5 MBD
2018, September, 24, 15:35:00

OIL PRICE: NEAR $80

REUTERS - Benchmark Brent crude LCOc1 hit its highest since November 2014 at $80.94 per barrel, up $2.14 or 2.7 percent, before easing to around $80.75 by 1150 GMT. U.S. light crude CLc1 was $1.25 higher at $72.03.

OPEC PRODUCTION TARGET 32.5 MBD
2018, September, 24, 15:30:00

BALANCED OIL MARKET

OPEC - The JMMC noted that, despite growing uncertainties surrounding market fundamentals, including the economy, demand and supply, the participating producing countries of the DoC continue to seek a balanced and sustainably stable global oil market, serving the interests of consumers, producers, the industry and the global economy at large. The Committee also expressed its satisfaction regarding the current oil market outlook, with an overall healthy balance between supply and demand.

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