Daily Management Review

Last chance for OPEC


11/16/2016


OPEC members are focused on a common goal to limit oil production, as the deadline, in which oil producers must outline conditions of the deal, is rapidly approaching, reports Bloomberg.



Gomma~commonswiki
Gomma~commonswiki
Recall that final terms to limit the production should be prepared for the OPEC meeting in Vienna on 30 November. It is expected that production will be reduced for the first time in eight years.

General Secretary of the Organization of Petroleum Exporting Countries (OPEC) Mohammed Barkindo told that OPEC ministers are involved in extensive consultations within and outside the cartel.

OPEC countries are making every possible effort to achieve the goal by 30 November, and to fully implement the agreement that has been achieved in Algeria on 28 September, Barkindo said. "I have not heard that anyone thought differently", - said the Secretary General of OPEC.

Barkindo confirmed that three countries - Libya, Nigeria and Iran - are provided with special conditions for implementation of the agreement. Iraq is not one of those countries, he said, even though the authorities asked for exemption from participation in an agreement to limit production. Now, the Iraqi army is conducting military operations against "Islamic State" militants.

In the coming days, Barkindo will travel to Caracas, Quito and Tehran for talks, said a source close to OPEC. Venezuelan President Nicolas Maduro said on Tuesday he is going to meet Barkindo on 16 November.

Meanwhile, Libya plans to double oil production to 1.1 million barrels per day in 2017. The country with the largest reserves in Africa is currently producing 600 th. barrels per day, reported by Bloomberg.

This statement was made by Mustafa Sanalla, Chairman of state National Oil Corporation. Thus, Libya is planning to increase oil production up to 900 th. barrels per day by the end of this year, and to about 1.1 million barrels next year. On this issue, the country is now in negotiations to close the deal.

This is happening at a time when the cartel struggles to stabilize the problem with the global market glut. If Libya does not swerve from its course of enhanced oil production, it will complicate the task for OPEC.

It should be noted that Libya and Nigeria, which are members of the Organization of Petroleum Exporting Countries (OPEC), have already increased their production by 800 thousand barrels per day in October. The agency notes that oil production in Libya has increased to 466 thousand barrels per day. It is a maximum of two years.

source: bloomberg.com






Science & Technology

Toyota & Cartivator Are Building Flying Cars To Light Up The Olympic Flame Of 2020

Stock trading computers are not a future anymore

Temper Technology With Humanity - Apple's Cook Tells MIT Graduates

As Spying And Crime Tools Mix, Blame Game For Cyber Attacks Grows Murkier

Retailers Could Transform The Market Scenario Into Smart Shopping Experience For The Consumers With The Cloud

A Way To Unlock Wannacry Without Ransom Found By French Researchers

China to introduce face recognition payment system

Clues To Ransomware Worm's Lingering Risks Found By Security Experts

Nasdaq Brings ‘Analytics Hub’ To Provide Enhanced Trading Experience

Through XFi Launch, Comcast Moves Closer To Home Connectivity

World Politics

World & Politics

Trump to speak for America's dominance in the energy sector

U.S. Official Says Russians Targeted 21 Election Systems

The Britain’s Prime Minister To Bring Down Corporate Tax To Draw More Investments In The Country

Record 65.6 million people were displaced in 2016

Are millionaires preparing for an apocalypse?

EU says goodbye to mobile roaming charges

Denmark loses interest to electric cars

Global Airlines Conference Agenda To Accord Importance To Fresh Safety Concerns