Daily Management Review

Strong Commitments Retains Optimism Within OPEC Nations


02/27/2017


January data confirm the commitment of OPEC member’s cut on oil output.



The production slash of oil led by OPEC has received good support from the “participating countries” even though the non-members of OPEC faced some “teething troubles”, stated Mohammed Barkindo, the Secretary General of the cartel.
 
After spending a period of two months in reduced oil production, Barkindo informed that OPEC is optimistic, whereby it considers the gloomy times to have ended for the oil market, as “Russia” and other oil producers have cut down on their supply. While addressing a conference in Nigeria, Barkindo stated:
“For non-OPEC countries this is the first time so we can expect teething challenges. But the commitment from all ministers, all participating countries, is very strong.”
"We remain optimistic that the worst is over for this cycle. Now the challenge is how to solidify the platform of 24 (countries)”.
“Signals are highly positive.”
 
Furthermore, oil market was in need of “every barrel” that “Iran, Libya and Nigeria could produce” after lifting the exemption. In his words:
“These countries continue to be exempted for these six months and we continue to pray, hope they recover their production facilities and return to the market fully”.
 
According to the deal of the “Organization of the Petroleum Exporting Countries” the oil production will be curbed by “1.2 million barrels per day”, whereby marking the first reduction in “eight years”, while eleven OPEC members, including Russia, showed their consent to slash “around half as much”.
 
Barkindo also informed that the OPEC “production data” for the month of January confirmed the participation of the OPEC nations in their reduced output of “between 90 and 94 percent”. Moreover, Reuters added that:
“Russia and the other outside producers have so far delivered a smaller percentage”.
 
And Barkindo said:
“The non-OPEC group is lagging behind OPEC”.
 
 
References:
http://www.reuters.com







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