相关栏目: 环亚观天下 当前位置:主页 > 环亚观天下 >

OPEC’s Oil Production Falls in November but Surpasses Target

发布时间:2018-10-01 作者:AG集&# 分类:环亚观天下

LONDON, Dec. 11 /Xinhua-PRNewswire/ -- Platts -- The 10 OPEC members

bound by the cartel’s output agreements produced an average 27.07 million

barrels per day (b/d) in November, down 660,000 b/d from October, but still

well above the group’s new 26.3 million b/d output target, a Platts survey

showed December 8.

Based on Platts’ figure for OPEC’s November production, the group

exceeded its 26.3 million b/d target by 770,000 b/AAAAAAAA> "Despite the fact that OPEC’s cuts are nowhere near what was targeteAAAAAAAAA>the market still remains solidly above $60," said John Kingston, Platts

global director of oil. "But the group does face a supply/demand equation

that is significantly out of whack, to its possible detriment, as the first

quarter progresses and goes into the second quarter," he explaineAAAAAAAA> For this reason, it appears that there is significant support among OPEC

ministers to cut crude production again at talks in the Nigerian capital

Abuja when the organization meets December 14.

"Statistics and the marketplace continue to signal hefty inventory levels

for the immediate future and that’s bound to concern OPEC a great deal,"

Kingston saiAAAAAAAA> Including Iraq, which does not participate in output agreements, OPEC’s

11 members pumped an average 29.06 million b/d in November, 690,000 b/d down

from October’s 29.75 million b/AAAAAAAA> OPEC agreed at emergency talks on October 19 in Qatar to remove 1.2

million b/d of physical crude supply from world oil markets in an effort to

mop up excess supply and prevent high consumer inventories from building

further.

Ignoring official but notional output quotas, OPEC said the cut was being

made from a baseline figure of 27.5 million b/d, representing September

production from the so-called OPEC-10, and that the production target for

these 10 members from the beginning of November would be 26.3 million b/AAAAAAAAA>OPEC did not, however, list baseline levels or target output levels for

individual countries.

The survey suggests that no country fully implemented its agreed cut,

although few commentators had expected anything approaching full

implementation in November, given that the deal had been finalized just 11

days before it was meant to come into effect.

The biggest single cut came from Saudi Arabia, whose production fell by

270,000 b/d to 8.8 million b/d from 9.07 million b/d in October.

Only Indonesia, which had been under-producing its notional 1.451 million

b/d quota by more than 590,000 b/d, did not cut production. The country’s

OPEC governor, Maizar Rahman, said October 30 that Jakarta would not cut,

despite having agreed to reduce output by 39,000 b/d, because of "special

circumstances." OPEC, he said at the time, "understands our position."

Country November October September Quota Cut AgreeAAAAAAA> Algeria 1.350 1.370 1.360 0.894 0.059

Indonesia 0.860 0.860 0.860 1.451 0.039

Iran 3.850 3.900 3.950 4.110 0.176

Iraq 1.990 2.020 2.140 N/A N/A

Kuwait 2.460 2.530 2.540 2.247 0.100

Libya 1.710 1.730 1.720 1.500 0.072

Nigeria 2.230 2.300 2.300 2.306 0.100

Qatar 0.800 0.830 0.830 0.726 0.035

Saudi Arabia 8.800 9.070 9.100 9.099 0.380

UAE 2.550 2.600 2.600 2.444 0.101

Venezuela 2.460 2.540 2.550 3.223 0.138

Total 29.060 29.750 29.950

OPEC-10 27.070 27.730 27.810 28.000 1.200

本文源自: 环亚娱乐_环亚娱乐AG88_环亚娱乐平台_新浪娱乐

上一篇:Proview Proposes Capital Restructuring, Debt Restructuring a 下一篇:The9 Limited Signs Agreement with Blizzard Entertainment(R)

Copyright © 2005-2016 http://www.nwssaa.com 环亚娱乐_环亚娱乐AG88_环亚娱乐平台_新浪娱乐版权所有 环亚娱乐_环亚娱乐AG88_环亚娱乐平台_新浪娱乐