Peak Oil is You
Donate Bitcoins ;-) or Paypal :-)
Page added on December 9, 2016
Russia Said to Seek Compliance Talks at Saturday’s OPEC Meeting
Russia will seek discussions at a planned meeting with OPEC on Saturday about how the group will fully comply with production cuts, following an increase in its November oil output, said a government official.
Russia will fulfill its pledge to cut production by as much as 300,000 barrels a day, if the Organization of Petroleum Exporting Countries follows through on its commitment to curb output to 32.5 million barrels a day from January, the official said, asking not to be identified in line with government policy.
OPEC is holding talks on Dec. 10 in Vienna in an effort to secure as much as 600,000 barrels a day in production cuts from non-members, to complement the organization’s own 1.2 million-barrel reduction. Russia sees a higher risk that OPEC might fall short of this commitment after the November output increase, the official said.
OPEC crude production rose to a record 34.16 million barrels a day in November, according to a Bloomberg News survey of analysts, oil companies and ship-tracking data. That’s up from a revised 33.96 million barrels a day in October.
Gains were led by Angola, Nigeria and Libya, the survey showed. The latter two nations are exempt from making any cuts because they have suffered recent supply disruptions. That means that any increase in their production could affect the wider group’s ability to hit the 32.5 million barrel-a-day output target.
6 Comments on "Russia Said to Seek Compliance Talks at Saturday’s OPEC Meeting"
Boat on Fri, 9th Dec 2016 3:26 pm
What is the response to promised OPEC cuts? US shale added another 17 oil drilling rigs. The lowest cost producer will win survival in the end. Production games by OPEC/Russia at best are short term price gains with market loss.
joe on Fri, 9th Dec 2016 3:31 pm
This is where opec dies. To get the cut, they have to change how they do business, Russia wants to verify details, that means access and audits and auditors and staff and safety garrantees and non muslims checking up on nationalised state entities. Its either this or the deal is a busted flush, so opec loses either way.
rockman on Fri, 9th Dec 2016 3:41 pm
Checking up on state entities? Has never and obviously will never will happen. Even the current production numbers offer no degree of accuracy. I can only smile when I see numbers posted to 2 decimal places: 34.16 mm bopd in Nov? No one can verify that it wasn’t 32 mm bopd or 36 mm bopd. LOL.
Anonymous on Fri, 9th Dec 2016 5:56 pm
I got an idea, how about sending boatard to verify ‘opec’ barrel counts? He might be have a problem with anything over 20 though, once he runs out of fingers and toes. But at least with him in charge, you’d get a (fairly) accurate accounting of the first 20 barrels at least. Maybe.
JuanP on Fri, 9th Dec 2016 6:41 pm
I don’t believe this OPEC treaty is worth the paper it is printed on. I will be thoroughly amazed if OPEC cuts production to 32.5 mbpd. They might talk a lot but their words are meaningless if they are not backed by actions. OPEC is history.
JuanP on Sat, 10th Dec 2016 3:45 pm
Non OPEC countries agree to cut oil production. https://www.rt.com/business/369894-non-opec-oil-cuts/