• About Us
  • Partners
  • Contact
Saturday, January 16, 2021
  • Login
No Result
View All Result
NEWSLETTER
The Energy Intelligence
No Result
View All Result
The Energy Intelligence
No Result
View All Result
hhh hhh hhh
ADVERTISEMENT
Home Oil

OPEC oil cut adherence rises – Survey

by Ayobami Adedinni
January 8, 2018
in Oil
0
OPEC oil cut adherence rises – Survey

OPEC

0
SHARES
Share on FacebookShare on Twitter
Oman Petroleum and Energy Show
ADVERTISEMENT
ADVERTISEMENT

OPEC deepened compliance with an oil supply-cutting deal in December due to a further decline in Venezuelan output and extra cuts by Gulf exporters, a Reuters survey found, showing a strong commitment to the deal despite higher prices.
Adherence to the curbs rose to 128 percent from 125 percent in November, the survey found. The United Arab Emirates for the first time since the deal took effect in January 2017 pumped below its OPEC target, joining Saudi Arabia and Kuwait.
The Organization of the Petroleum Exporting Countries is reducing output by about 1.2 million barrels per day (bpd) as part of a deal with Russia and other non-OPEC producers. The pact will run until the end of 2018.
Oil hit its highest prices since May 2015 this week, supported by falling inventories, strong demand and high OPEC compliance. Many producers, that are still suffering from a 2014 price collapse, are now enjoying the rally and the extra revenues.
“We are all pleased about it,” one official in an OPEC country said of the early 2018 price rise.
The survey shows no sign of producers boosting output to cash in on higher prices or to replace the decline in Venezuela, where the output is dropping amid an economic crisis.
In the past, waning compliance as oil prices rallied had reduced the effectiveness of OPEC accords. Top exporter Saudi Arabia trimmed output by 60,000 bpd, according to sources in the survey who cited stable to lower exports and lower refinery processing, putting supply further below the kingdom’s OPEC target.
Production in Venezuela, where the oil industry is starved of funds due to a cash crunch, has fallen further below its OPEC target, the survey found. Both exports and refinery operations were lower in December.
The UAE, the incoming OPEC president, has cut production further and delivered its highest adherence yet, according to Reuters surveys. The UAE was a laggard on compliance for most of 2017, compared to peers like Saudi Arabia.
“The UAE has the OPEC presidency this year and they feel they should try to do better,” said an industry source, who has discussed the issue with OPEC officials.
Libyan output slipped by 30,000 bpd, hampered by damage to a pipeline in a suspected attack and other outages.

Tags: OPECproduction cutvenezuela
Ayobami Adedinni

Ayobami Adedinni

Ayobami Adedinni is Founder, The Energy Intelligence (formerly Petrolgas Report Publications). He has been reporting the Energy industry since 2016 and has a keen interest in energy efficiency and sustainability. When he's not writing, he's busy daydreaming.

New IFC report says supporting a green post-COVID recovery can generate over $10 trn in investment opportunities in emerging markets

New IFC report says supporting a green post-COVID recovery can generate over $10 trn in investment opportunities in emerging markets

January 14, 2021
5 African renewable energy companies to watch out for in 2021

5 African renewable energy companies to watch out for in 2021

January 11, 2021
Rosatom

Are you African and not more than 35 years old? This online video competition is for you

January 7, 2021

Popular News

    Tweet at us!

    Connect with us

    Newsletter

    Join thousands of other senior energy decision makers and gain access to exclusive stories and reports
    SUBSCRIBE

    Category

    • Bio Energy
    • Clean Cooking
    • Climate Change
    • EnergyPreneur
    • Events
    • Food and Pharmaceuticals
    • Gas
    • Geothermal Energy
    • Governance
    • GreenTech Made in Africa
    • Hydro Power
    • Hydrogen Power
    • Industry News
    • Insight
    • Logistics
    • Magazine
    • Marine Services
    • Nuclear Power
    • Oil
    • Partners
    • Press Release
    • Recycling
    • Solar Energy
    • Solid Minerals
    • Sustainable Mobility
    • Technergy
    • Uncategorized
    • Wind Power

    Our Mission

    The Energy Intelligence is dedicated to focusing on all the key trends and developments that are emerging from within the Global Energy industry through Business Intelligence, Networking and Strategic Communications.

    • About Us
    • Partners
    • Contact

    © 2020 The Energy Intelligence. All rights reserved

    No Result
    View All Result
    • Home
    • Solid Minerals
    • Oil
    • Marine Services
    • Industry News
    • Insights
    • Partners

    © 2020 The Energy Intelligence. All rights reserved

    Welcome Back!

    Login to your account below

    Forgotten Password?

    Create New Account!

    Fill the forms bellow to register

    All fields are required. Log In

    Retrieve your password

    Please enter your username or email address to reset your password.

    Log In
    You cannot copy content of this page