Daily Management Review

Last chance for OPEC


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.

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

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