RUS | ENG | All
Enter the email or login, that you used for registration.
If you do not remember your password, simply leave this field blank and you will receive a new, along with a link to activate.

Not registered yet?
Welcome!

2021-06-02 14:05:00

OPEC+ PRODUCTION: 114%, + 2 MBD

OPEC+ PRODUCTION: 114%, + 2 MBD

OPEC - 01 Jun 2021 - The 17th OPEC and non-OPEC Ministerial Meeting (ONOMM), held via videoconference, concluded on Tuesday, 1 June 2021.

The Meeting noted the ongoing strengthening of market fundamentals, with oil demand showing clear signs of improvement and OECD stocks falling as the economic recovery continued in most parts of the world as vaccination programmes accelerated.

The Meeting welcomed the positive performance of Participating Countries in the Declaration of Cooperation (DoC). Overall conformity to the production adjustments was 114% in April (including Mexico), reinforcing the trend of high conformity by Participating Countries.

In view of current oil market fundamentals and the consensus on its outlook, the Meeting:

Reaffirmed the existing commitment of the participating countries in the DoC to a stable market in the mutual interest of producing nations; the efficient, economic and secure supply to consumers; and a fair return on invested capital.

Reconfirmed the existing commitment of the 10th OPEC and non-OPEC Ministerial Meeting in April 2020, amended in June, September, and December 2020, as well as in January and April 2021 to gradually return 2 million barrels a day (mb/d) of the adjustments to the market, with the pace being determined according to market conditions.

Reiterated the critical importance of adhering to full conformity, and taking advantage of the extension of the compensation period until the end of September 2021, as requested by some underperforming countries. Compensation plans should be submitted in accordance with the statement of the 15th OPEC and non-OPEC Ministerial Meeting.

Reconfirmed the decision made at the 15th OPEC and non-OPEC Ministerial Meeting with regards to production adjustments for the month of July 2021, given the observed market fundamentals.

Emphasized the need to continue to consult and closely monitor market fundamentals and maintain the monthly OPEC and non-OPEC Ministerial Meetings until the end of the decision made at the 10th OPEC and non-OPEC Ministerial Meeting on 12 April 2020.

The 18th OPEC and non-OPEC Ministerial Meeting is scheduled for 1 July 2021.

-----


Earlier:

OPEC+ PRODUCTION: 114%, + 2 MBD
2021, May, 28, 11:35:00
OIL PRICE: NOT ABOVE $70
Brent fell 9 cents, 0.1%, to $69.37 a barrel. WTI was at $66.90 a barrel, up 5 cents, or 0.1%.
OPEC+ PRODUCTION: 114%, + 2 MBD
2021, May, 27, 13:20:00
OIL PRICE: ABOVE $68 ANEW
Brent had shed 42 cents, or 0.6%, to $68.45 a barrel . WTI fell 35 cents, or 0.5%, to $65.86 a barrel.
OPEC+ PRODUCTION: 114%, + 2 MBD
2021, May, 26, 13:25:00
OIL PRICE: NOT ABOVE $69 YET
Brent rose 13 cents, or 0.2%, to $68.78 a barrel. WTI was down 5 cents, or 0.1%, at $66.02 a barrel.
OPEC+ PRODUCTION: 114%, + 2 MBD
2021, May, 26, 13:15:00
GLOBAL OIL DEFICIT 1 MBD
Global oil deficit is currently seen at around 1 million barrels per day, Russia's deputy prime minister Alexander Novak told reporters on Wednesday.
OPEC+ PRODUCTION: 114%, + 2 MBD
2021, May, 12, 13:00:00
OIL PRICES 2021-22: $65-61
EIA forecasts that Brent prices will average $65/b in the second quarter of 2021, $61/b during the second half of 2021, and $61/b in 2022.
OPEC+ PRODUCTION: 114%, + 2 MBD
2021, May, 12, 12:55:00
OIL DEMAND WILL UP BY 6.5 MBD
"Under the current OPEC+ production scenario, supplies won't rise fast enough to keep pace with the expected demand recovery," the IEA said. "The widening supply and demand gap paves the way for a further easing of OPEC+ supply cuts or even sharper stock draws."
OPEC+ PRODUCTION: 114%, + 2 MBD
2021, May, 7, 14:55:00
OPEC+ OVERPRODUCTION 3.3 MBD
Russia, the largest non-OPEC partner in the alliance, has increasingly flouted its cap over the last several months, with its excess production soaring to 877,000 b/d.
All Publications »
Tags: OPEC, RUSSIA, OIL, PRODUCTION
Chronicle:
OPEC+ PRODUCTION: 114%, + 2 MBD
2022, July, 4, 12:44:00
6TH ANNUAL LNG SUMMIT USA
The 6th Edition of Wisdom’s Much Acclaimed Annual LNG Summit Will Be Held Live in Houston - PREPARING THE INDUSTRY FOR THE RISE IN DEMAND FOR LNG
OPEC+ PRODUCTION: 114%, + 2 MBD
2022, July, 4, 12:43:00
9TH INTERNATIONAL LNG CONGRESS LNGCON 2023
9th International LNG Congress (LNGCON 2023) 6-7 March, 2023 Link to the Congress website: https://bit.ly/3tXVmr7
OPEC+ PRODUCTION: 114%, + 2 MBD
2022, July, 4, 12:40:00
GERMAN UTILITIES COLLAPSE
German leaders are stepping up warnings of impending turmoil and natural-gas shortages in Europe’s biggest economy, which relies on Russia for about one-third of its energy.
OPEC+ PRODUCTION: 114%, + 2 MBD
2022, July, 4, 12:35:00
IRANIAN OIL RISES
Iran could increase production to levels before the sanctions, he said, without giving an estimate of current output.
OPEC+ PRODUCTION: 114%, + 2 MBD
2022, July, 4, 12:30:00
S.KOREAN NUCLEAR FOR CZECH
"A nuclear power generation project requires more than a decade for construction and involves operations for more than 60 years. South Korea is a reliable partner in terms of economic feasibility, safety, and ensuring the construction period," Lee said.
OPEC+ PRODUCTION: 114%, + 2 MBD
2022, June, 28, 12:10:00
OIL PRICE: BRENT NEAR $117, WTI ABOVE $111
Brent climbed $1.9, or 1.7%, to $116.99, WTI rose $1.8, or 1.6%, to $111.36 a barrel.
OPEC+ PRODUCTION: 114%, + 2 MBD
2022, June, 28, 12:05:00
OPEC OIL PRICE: $112.35
The price of OPEC basket of thirteen crudes stood at $112.35 a barrel
All Publications »