OPEC AND NON OPEC COUNTRIES ON TRACK TO COMPLY WITH DEAL TO CUT OIL OUTPU
OPEC AND NON OPEC COUNTRIES ON TRACK TO COMPLY WITH DEAL TO CUT OIL OUTPUT
Back in December, OPEC clinched a historic deal with Russia and other non-members to slash global production by nearly 1.8 million barrels per day (bpd) for six months, starting January, aiming to ease a global glut that has weighed on oil prices for more than two years.
Eleven of OPEC’s 13 members along with 11 non-OPEC countries have agreed to make cuts for the first half of the year.
Saudi Arabia, Kuwait, Qatar, Algeria and Venezuela are meeting counterparts from non-Opec nations Russia and Oman to figure out ways to verify that the 24 signatories to their Dec. 10 accord are following through on their pledge to remove a combined 1.8 million barrels a day from the market for six months. They intend to prove that the Organisation of Petroleum Exporting Countries (Opec) is serious about finally eliminating a global glut and dispel skepticism stemming from previous unfulfilled promises.
After the latest meeting between OPEC and non-OPEC countries in Vienna, energy ministers struck an optimistic note regarding the recent agreement to cut oil output as a committee set to monitor compliance with the deal is due to meet for the first time. Producers have cut oil supply by 1.5 million barrels a day, more than 80 percent of their collective target, since the deal came into effect on Jan. 1, Saudi Minister of Energy and Industry Khalid Al Falih told reporters in Vienna.
Saudi Arabia, the world’s biggest oil exporter, has already exceeded its target with an output reduction of more than 500,000 barrels a day, Al-Falih said, while Algeria and Kuwait have also cut to levels beyond their targets, according to ministers from those nations. Other OPEC members such as Iraq and Venezuela have not yet reached their quotas but say they are more than half-way there. “Russia has reduced production by an average of 100,000 barrels a day, a milestone it hadn’t expected to reach until next month”, Energy Minister Alexander Novak said. Al Falih said he hoped all countries would reach full compliance with the deal next month and forecast that brimming global stockpiles of crude oil would return to normal levels by the middle of the year. The agreement expires at the end of June.
Iran will be capping its crude oil output at 3.8 million bpd in the second half of the year if fellow OPEC members stay committed to the cuts they had...Read More
In the second half of 2016, Shell (RDSal) did well in terms of profits than its rival Exxon (XOM.N), in spite of the Anglo-Dutch oil major’s annual profit reached the...Read More
OPEC AND NON OPEC COUNTRIES ON TRACK TO COMPLY WITH DEAL TO CUT OIL OUTPUT Back in December, OPEC clinched a historic deal with Russia and other non-members to slash global...Read More
On late Wednesday In Pennsylvania, the town of Potter unanimously approved a conditional use permit to allow a unit of Royal Dutch Shell PLC...Read More
Mr. R. Tillerson agreed to cut all ties with Exxon Mobile Corp, this move is to avoid conflict of interests as Mr. Tillerson is most likely to become the new...Read More
Oil climbed, approaching $50 a barrel in New York, after government data showed that U.S. crude stockpiles dropped last week. Stockpiles of distillate fuel, a category that includes diesel and...Read More
Become a partner
Interaction International Ltd-Dealoil shipping partners
Creating profitable and winning partnerships is what makes Dealoil so special — and the No.1 reason our clients choose us.
If you are interested in becoming a Dealoil partner please get in touch by emailing us at email@example.com. We look forward to hearing from you. The Dealoil team