Only two OPEC members posted production declines by Daniel J. Graeber London (UPI) Dec 9, 2016
Venezuela and Saudi Arabia were the only two OPEC members showing production declines, highlighting challenges ahead for a production deal, Platts reported. S&P Global Platts reported total crude oil production from members of the Organization of Petroleum Exporting Countries increased by 320,000 barrels per day from October. Of the member states, only Venezuela and Saudi Arabia reported declines. Platts sourced its data from OPEC officials, traders and shippers, among others. A downturn in the Venezuelan economy meant production declined to just over 2 million barrels per day. Saudi Arabia, which committed to output of around 10 million bpd under the terms of last month's production deal, churned out 10.5 million bpd in November, a slight decline from the previous month. The report found the gains from other member states means it may be difficult to meet the terms of a deal reached in Vienna to cap production at 32.5 million bpd starting in January. "Many members appear to be pumping at or close to their full capacity to maximize revenues before the OPEC deal goes into force Jan. 1," the emailed report read. According to Platts, total OPEC production for November was 33.86 million bpd. Venezuela, which agreed to cut about 95,000 barrels from its production to 1.97 million bpd, said it was non-member state Russia that played a pivotal role in securing an agreement aimed at overcoming the supply-side strains that brought crude oil prices to below $30 per barrel early this year. Russia has offered competing narratives on support for the deal. Dozens of delegates from oil-producing nations are scheduled to meet in Vienna to discuss the terms of the production arrangement. The deal hinges in part on non-OPEC cooperation and Russian output is at or near post-Soviet highs.
Related Links All About Oil and Gas News at OilGasDaily.com
|
|
The content herein, unless otherwise known to be public domain, are Copyright 1995-2024 - Space Media Network. All websites are published in Australia and are solely subject to Australian law and governed by Fair Use principals for news reporting and research purposes. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA news reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. All articles labeled "by Staff Writers" include reports supplied to Space Media Network by industry news wires, PR agencies, corporate press officers and the like. Such articles are individually curated and edited by Space Media Network staff on the basis of the report's information value to our industry and professional readership. Advertising does not imply endorsement, agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. General Data Protection Regulation (GDPR) Statement Our advertisers use various cookies and the like to deliver the best ad banner available at one time. All network advertising suppliers have GDPR policies (Legitimate Interest) that conform with EU regulations for data collection. By using our websites you consent to cookie based advertising. If you do not agree with this then you must stop using the websites from May 25, 2018. Privacy Statement. Additional information can be found here at About Us. |