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    OPEC - Global oil prices

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    George1
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    OPEC - Global oil prices

    Post  George1 on Thu Dec 01, 2016 8:31 am

    OPEC member states agree on first oil output cut since 2008

    Global oil prices rose by nearly 8 per cent on the news

    VIENNA, November 30. /TASS/. OPEC countries agreed to collectively reduce oil production by 1.164 mln barrels per day from the level of the cartel's production in October 2016, according to OPEC.

    Following the negotiations held in Vienna, Saudi Arabia will reduce oil production by 486,000 bpd, Iraq - 210,000 bpd, United Arab Emirates - 139,000 bpd, Kuwait - 131,000 bpd, Venezuela - 95,000 bpd, Iran - 90,000 bpd, Angola - 87,000 bpd, Algeria - 50,000 bpd, Qatar - 30,000 bpd, Ecuador - 26,000 bpd, Gabon - 9,000 bpd.

    However, Libya and Nigeria will not reduce production. As for Iran, the agreement allows it to increase oil production by 90,000 bpd.

    Oil prices rose by nearly 8% as energy ministers attended Wednesday's meeting in Vienna.

    Brent crude oil rose by 8.6% to $51.4 per barrel after the official reports on the OPEC countries limiting oil production at the level of 32.5 mln barrels per day on London’s ICE.

    At the same time, the price of Urals oil added 4.24% and reached $48.16.

    Russia's part

    Russia might enter Ministerial Committee to monitor the implementation of OPEC agreement, Venezuela's oil minister said. According to him, Russia’s Energy Minister Alexander Novak will be invited to join the committee, which will also include representatives of Kuwait, Venezuela and Algeria from OPEC, and some countries outside of OPEC that will be decided later.

    Moscow has agreed to cut oil production by 300,000 barrels a day, Qatar’s Energy Minister Mohammed Saleh Al Sada stressed:

    "This agreement is subject to 600,000 barrels per day reduction from key non-OPEC producers… I would like to report the Russian Federation already committed to reduce 300,000 barrels [per day]," the minister said.

    During an informal meeting at the 15th International Energy Forum in Algeria on September 28, the OPEC member states already agreed to limit oil production to 32.5-33.0 million barrels per day. The parties have since sought to approve specific limits for every country.


    More:
    http://tass.com/economy/915696


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    George1
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    Re: OPEC - Global oil prices

    Post  George1 on Thu Dec 01, 2016 8:32 am

    Russia is ready to cut production by 300,000 barrels per day and join OPEC agreement

    More:
    http://tass.com/economy/915723


    Indonesia decides to suspend membership in OPEC — media

    More:
    http://tass.com/economy/915672

    ------------------------------------------------------------------------------------------------------------

    i think a discussion topic is needed, so what are your views on these developments??


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    par far
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    Re: OPEC - Global oil prices

    Post  par far on Fri Dec 02, 2016 5:04 pm

    George1 wrote:Russia is ready to cut production by 300,000 barrels per day and join OPEC agreement

    More:
    http://tass.com/economy/915723


    Indonesia decides to suspend membership in OPEC — media

    More:
    http://tass.com/economy/915672

    ------------------------------------------------------------------------------------------------------------

    i think a discussion topic is needed, so what are your views on these developments??


    I think OPEC is just a tool for the US and it needs to be dissolved, every country should have it's own say about what they are going to do.

    This won't last long, the US will pull the leash on Saudis and other Gulf countries and they will pump, until they go broke.

    KoTeMoRe
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    Re: OPEC - Global oil prices

    Post  KoTeMoRe on Fri Dec 02, 2016 7:56 pm

    I don't know, cutting the output will have long lasting effects. Especially as balancing will be slower than usual, people will simply reduce consumption for a while to push the glut further until Spring, then oil will be less in demand, until summer transits.

    But it's nice to see that the Arab idiots at OPEC finally got the memo.

    magnumcromagnon
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    Re: OPEC - Global oil prices

    Post  magnumcromagnon on Sat Dec 03, 2016 2:05 am

    KoTeMoRe wrote:I don't know, cutting the output will have long lasting effects. Especially as balancing will be slower than usual, people will simply reduce consumption for a while to push the glut further until Spring, then oil will be less in demand, until summer transits.

    But it's nice to see that the Arab idiots at OPEC finally got the memo.

    I don't think it's glut that's the problem, it's that the "free world" is too set on propping up the fake economy of finance capital (think Deutsche Bank and it's mountain of securities IOU's, valued greater than the entire combined physical assets of the United States, $75 trillion) and it's cult of derivative speculators. Instead going against bankers and hedgefunds, the EU specifically attacked Greece with severe austerity for a sophisticated organized attack on it's bond market, started by none other than George Soros' Quantum Hedge Fund, a combined speculative attack (with the help of the other top U.S./Wallstreet based hedgefunds), as a away to make the Dollar stronger by making the Euro look weaker. They (Soros and his ilk) originally wanted to attack the Renminbi, but the Chinese used capital and exchange controls to defend the Yuan, so Soros was forced to attack the Euro instead. The ongoing austerity rampage through Europe is causing several cutbacks in buying in commodities, which explains why a metric ton of steel has lost 5/6th's of it's value compared to 2008...the fall in value of steel surpasses that of hydrocarbons!

    kvs
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    Re: OPEC - Global oil prices

    Post  kvs on Sat Dec 03, 2016 7:57 pm

    KoTeMoRe wrote:I don't know, cutting the output will have long lasting effects. Especially as balancing will be slower than usual, people will simply reduce consumption for a while to push the glut further until Spring, then oil will be less in demand, until summer transits.

    But it's nice to see that the Arab idiots at OPEC finally got the memo.

    Glut has a very specific meaning: excess of supply even under high demand conditions. This is clearly not the case today. Global crude oil and crude condensate production
    is stalled. Over the last 7 years it has been the surge in non-conventional (mostly fracking) production in the USA has prevented a global supply contractions:











    There is clearly no glut. The price drop is due to a demand drop associated with a global recession. In fact, the oil price
    is evidence of such a recession. Various chirpy GDP estimates in the OECD are fudging of data. Note how the GDP growth
    estimates are never given error bars even though they are not actual direct accounting but estimates. Any GDP change
    less than 1% is below the error margin and is basically meaningless.

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