Agreement of the OPEC and other countries: results for January
Today, the International Energy Agency said that OPEC members have fulfilled the promise of reducing production by 90%. We recall that in late November, OPEC and the world's largest producers have agreed to reduce oil production by 1.2 million barrels a day. Russia and other world producers have pledged to reduce production by another 558 thousand barrels per day.
The long awaited monthly report, which was supposed to answer all the questions about what will need to build their energy policy other countries. The report showed a decline of OPEC production by 1 million barrels per day to 32.06 million in January. EIA says that this production decline - is likely the most significant in history of the OPEC initiatives before.
The detailed report showed that the cartel countries fulfill conditions of the agreement in different ways. Saudi Arabia, Qatar and Angola reduced production even more than promised. The Saudis have cut production by 560 thousand per day. Iraq has decreased a bit more than a half from the promised volumes, and Venezuela, which most of all demanded to reduce volumes decreased by only 18%. Growth in Libya and Nigeria, partially compensated this decline. Russia reduced its segment to 100 thous - this is a third of the promised. In general, the world's oil supplies fell by 1.5 million barrels in January.
09 February, 2017 16:00
Rockefeller Treasury Services, Inc. Analytics | 9 of February →
Today’s US data is the usual weekly jobless claims. We can’t expect much from that. We might get something from speeches by various big shots, including St. Louis Fed Bullard and Chicago Fed Evans. BoE chief Carney also speaks and Draghi and Merkel are meeting today in Berlin. Oh, to be a fly.
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