Shopping Cart
Your Cart is Empty
Quantity:
Subtotal
Taxes
Shipping
Total
There was an error with PayPalClick here to try again
CelebrateThank you for your business!You should be receiving an order confirmation from Paypal shortly.Exit Shopping Cart

My Blog

Blog

OPEC at 86% compliance to cuts

Posted on February 27, 2017 at 8:37 AM
Parties to an agreement to limit crude oil production starting in January were 86 percent in line with commitments, a joint OPEC, non-OPEC group said.Members of the Organization of Petroleum Exporting Countries agreed in November to sideline about what was expected in global demand so that total member state production would be at 32.5 million barrels per day in January "in order to accelerate the ongoing drawdown of the stock overhang and bring the oil market rebalancing forward." Non-member states, led by Russia, agreed to limit their production in solidarity.OPEC said a joint committee monitoring the terms of the agreement held its inaugural meeting in Vienna to verify compliance."According to the joint technical committee report for January 2017, the OPEC and non-OPEC producers achieved a conformity level of 86 percent," OPEC said in a statement. "The [monitoring committee] noted that there is still room for improvement to reach 100 percent conformity, and, in this regard, urged all parties to press on towards full and timely conformity."Speaking at an energy summit in London earlier this week, OPEC Secretary-General Mohammad Barkindo said there was strong coordination around the agreement, comments that followed reports suggesting stronger action in the second half of the year.The agreement holds for six months and OPEC said it would consider an extension as appropriate.Libya and Nigeria are exempt from the agreement as they depend on revenue from their energy sectors to help ensure national stability. Iran, meanwhile, is the only member state allowed to increase its production as it looks to regain a market share lost to nuclear-related sanctions.Petromatrix, a sector consultant group based in Switzerland, reported the OPEC cuts are not enough to eat into the surplus of crude oil already on the market. Data this week from the United States, where shale oil is recovering along with crude oil prices, show total U.S. oil stockpiles rose last week for the seventh week in a row.The latest survey from S&P Global Platts found compliance from the 10 OPEC members obligated to cut production at 91 percent. Platts noted coordination from non-OPEC members, but did not include their contribution in its compliance figures.Crude oil prices were slightly lower in early Friday trading. Credit Dan Gruber UPI. 24th Feb 2017.

Categories: Update 2017

Post a Comment

Oops!

Oops, you forgot something.

Oops!

The words you entered did not match the given text. Please try again.

47 Comments

Reply srewr
10:32 AM on November 14, 2017 
sdf
Reply rush my essay
6:30 AM on November 21, 2017 
OPEC at 86% compliance to cuts accelerate the ongoing drawdown of the stock overhang committee monitoring. This worldsearchconsultancy blog always giving us about room for improvement nuclear related.
Reply buy essay pape
11:49 AM on May 31, 2018 
I think that the OPEC should reconsider its decision about this forced compliance of limiting the crude production. They set a huge percent of cut in the production, this will really affect a lot of people. Those countries who have an average or below average cost of living will suffer the most. There will be a huge increase in the prices on a lot of items in the market, most especially those basic goods that. Also, this has a huge impact on importing and exporting business.
Reply Luxury day-date watches
7:54 AM on July 12, 2018 
The best luxury time in the world Cheap luxury time! If you want these Replica watches, would you like these Replica air-king watches,Luxury cellini watches? This happened but stopped at? Because their expensive price stops your steps, this is the most correct place for you. First of all, we should confirm this Replica watches
Reply phd dissertation writing service
8:44 AM on July 15, 2018 
Once they are being in contact with the concern buyers they are sure to get over the trade of crude oil. There are various forms of oil but most of the buyers are preferring the form of crude oil in dealing.
Reply 789
10:36 AM on December 18, 2018 
987
Reply replica men polo ralph lauren
10:46 PM on April 1, 2019 
Your blog is very useful and provides tremendous facts.
Reply tableclothsfactory
2:27 AM on May 24, 2019 
OPEC at 86% compliance to cuts
Reply wedding stubby holders australia
1:56 AM on June 6, 2019 
OPEC at 86% compliance to cuts
Reply iphone 8 plus cases
8:45 AM on June 7, 2019 
OPEC at 86% compliance to cuts
Reply soulja
10:03 AM on June 15, 2019 
OPEC at 86% compliance to cuts
Reply dyscarnate
10:30 AM on July 3, 2019 
OPEC at 86% compliance to cuts
Reply picta
5:31 AM on July 29, 2019 
I want to say thanks for beautiful blog sharing with us. Your blog really great resource to update my knowledge.
Reply Cheap Promise Rings
5:27 AM on August 27, 2019 
OPEC at 86% compliance to cuts
Reply pure dragon in dragon city
8:16 AM on September 3, 2019 
To understand malfunctions and to know why it is less dangerous and in some cases a more effective way than finding the right dragon city directory, you need to know what the problems are.
Reply insta stalker
10:25 AM on October 10, 2019 
I was looking on the internet and I ran into your website. Keep up the excellent work. reading many interesting blogs on instagram from site
Reply FairTrak
6:44 AM on November 2, 2019 
Great post. Monitoring employees is important when you are not present at the office to increase employee's productivity. To get best employee monitoring software in India, Visit our website.
Reply Useless Websites
2:48 AM on February 3, 2020 
OPEC at 86% compliance to cuts
Reply pro ana weight loss secrets
7:13 AM on February 4, 2020 
Never before has the jury unanimously decided to invest each of the millions of dollars in a potential venture.
Reply Sue
5:50 PM on March 15, 2020 
warehouses for sale
warehouses for sale
warehouses for sale
warehouses for sale
warehouses for sale
Warehouses

For Sale Miami
Warehouses For Sale

In Miami Florida
warehouses for sale
0