OPEC daily basket price Thursday, 9 February 2017

OPEC daily basket price Thursday, 9 February 2017

OPEC crude production fell by 1 mb/d to 32.06 mb/d in January, marking a record initial compliance level of 90 percent. Saudi Arabia produced 9.98 million bpd in January, well below its allocation of 10.06 million bpd. Kuwait and Angola, are also over complying which is compensating OPEC members who are under complying such as Algeria, Venezuela and Iraq. Libya and Nigeria are both exempt from the cuts. The International Energy Agency (IEA), said that if current compliance levels are maintained, the global oil stocks overhang that has weighed on prices should fall by about 600,000 barrels per day (bpd) in the next six months. Global demand for oil continues to pick up as recent measures to rebalance the market have come into play, but a period of sluggishness is still expected to hang over producers in the year ahead, according to the latest report by the International Energy Agency (IEA). OPEC is cutting its crude output by about 1.2 million barrels per day (bpd) from Jan. 1 to prop up oil prices and reduce a supply glut. Oil_producing_countries_map World map with countries by oil production oilandgasOil and Gas News Undiluted !!! “The squeaky wheel gets the oil” Follow us: @OilAndGasPress on Twitter | OilAndGasPress on Facebook Disclaimer Most News articles reported on OilAndGasPress are a reflection of what is published in the media. OilAndGasPress is not in a position to verify the accuracy of daily news articles ]]>

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