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2020-12-08 13:05:00

OPEC+ OIL PRODUCTION CUTS 7.2 MBD

OPEC+ OIL PRODUCTION CUTS 7.2 MBD

ENERDATA7 Dec 2020 - The OPEC+ has agreed to relax crude oil production cuts by 500 kb/d, from 7.7 mb/d to 7.2 mb/d as of January 2021. In addition, the group decided to hold monthly OPEC and non-OPEC ministerial meetings starting January 2021 to assess market conditions and decide on further production adjustments for the following month, with further monthly adjustments being no more than 500 kb/d.

In April 2020, the OPEC+ decided to cut their overall crude oil production by 9.7 mb/d over the 1 May 2020 - 30 June 2020 period, in an attempt to reduce the global oversupply and to firm up depressed oil prices in a context of COVID-19 pandemic. The production cuts were calculated on the basis of the October 2018 production level, except for Saudi Arabia and Russia that have a baseline level of 11 mb/d. Production cuts were then relaxed to 7.7 mb/d from 1 August 2020 (delayed from 1 July 2020 in June 2020) to 31 December 2020. and were expected to be relaxed further to 5.8 mb/d from 1 January 2021 to 30 April 2022. However, renewed lockdowns due to COVID-19 containment measures continue to affect the global economy and oil demand recovery, prompting the OPEC+ to relax production cuts on a lesser extent.

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Earlier:

OPEC+ OIL PRODUCTION CUTS 7.2 MBD
2020, December, 7, 13:30:00
OIL PRICE: NOT ABOVE $49 AGAIN
Brent fell 76 cents, or 1.5%, to $48.49 a barrel. WTI was down 82 cents, or 1.8%, at $45.44.
OPEC+ OIL PRODUCTION CUTS 7.2 MBD
2020, December, 7, 13:20:00
RUSSIA OIL PRODUCTION WILL UP
"Russia's increase starting January is around 125,000 b/d, we discussed it with oil companies," Novak said during the OPEC+ press conference.
OPEC+ OIL PRODUCTION CUTS 7.2 MBD
2020, December, 4, 12:40:00
OIL PRICE: ABOVE $49
Brent was up $1.04, or 2.1%, at $49.75 a barrel . WTI rose 84 cents, or 1.8% to stand at $46.48 a barrel.
OPEC+ OIL PRODUCTION CUTS 7.2 MBD
2020, December, 2, 14:40:00
RUSSIA'S OIL PRODUCTION 10 MBD
November production was down 11% on the year at 46.07 million mt, or around 11.26 million b/d. This was due to deeper output cuts under the OPEC+ agreement in 2020 compared with 2019.
OPEC+ OIL PRODUCTION CUTS 7.2 MBD
2020, December, 1, 13:25:00
OPEC: OIL DEMAND GROWTH 6.1 MBD: 2021
Next year, the global economy is forecast to return to growth, expanding by an estimated at 4.4%, and oil demand growth is expected to be high, in the tune of 6.1 mb/d.
OPEC+ OIL PRODUCTION CUTS 7.2 MBD
2020, November, 30, 12:00:00
OPEC+ RUSSIA CONSENSUS
Saudi Arabia and Russia had invited ministers on the nine-country monitoring committee that they co-chair to informal discussions to hash out positions ahead of the official meeting.
OPEC+ OIL PRODUCTION CUTS 7.2 MBD
2020, November, 30, 11:55:00
OPEC+ RUSSIA EXTENSION
The fact that US shale is not recovering strongly is further cause for Russia to continue to support ongoing cooperation within OPEC+.
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Tags: OPEC, RUSSIA, OIL, PRODUCTION, PRICE