OPEC Explains Increase In Oil Production

27 Junio, 2018, 18:38 | Author: Arnold Perez
  • Muhammad Barkindo

Additionally, representatives from several member countries cited an aggregate Opec/non-Opec increase of 1 mb/d (million barrels per day), which would likely mean a 300 kb/d increase from Russian Federation, though final details for non-Opec production are scheduled to be released on Saturday.

Oil prices fell today after the OPEC decision taken at Vienna meeting.

As the fourth-largest producer of oil in sub-Saharan Africa, Congo wants to increase its oil production this year to 300,000 barrels a day, the Minister of State and chief of staff to the head of state said earlier this year.

Representatives of OPEC and non-OPEC countries have been invited to Baku. OPEC production levels would be reassessed again at the end of 2018.

Barkindo told the News Agency of Nigeria (NAN) yesterday that OPEC and non-OPEC ministers agreed to increase oil supplies, which had remained unchanged for 18 months. He was seeking to reassure the market after several cartel members said the actual increase will only reach 700,000 because some nations are incapable of pumping more.

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Meanwhile, the biggest United States shale region will have to shut wells within four months because there aren't enough pipelines to get the oil to customers, according to Scott Sheffield, the chairman of Pioneer Natural Resources Co. "That is why we are focusing on how we can stay together", he explained. "This will allow countries to join OPEC as full members, some as associate members", he said. This implies that the OPEC will now pump more oil in the coming months, which is likely to pull down the oil prices in the near term.

"We've adjusted our model to reflect the quota changes, extended Venezuelan declines to 800,000 b/d by YE19 (from 1.4 million b/d currently), and assumed a ~0.5 million b/d reduction in Iranian exports in 2019", Featherston said.

"In a meeting in Houston, we agreed that we belong to the same boat and the Berlin Wall between us, we all agreed served nobody any good". The Conference congratulated the Secretariat for the success of the 7th Opec International Seminar held on Thursday under the title: "Global Economy and the Future of Oil".

But some analysts think oil markets will stay tight. We believe that the investors have over-reacted to the move, which has resulted in a rise in oil prices.

But the figure agreed upon should be "sufficient" for the time being, Novak said.

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