Tag Archives: Organization of the Petroleum Exporting Countries (OPEC)

Russia would keep output cuts of 300.000 barrels per day from the level of October 2016.

In 2017. demand for OPEC crude is projected at 31.9 mb d. around 0.2 mb d higher than in the current year.

There could be more cuts if there are other non-OPEC countries that will join the agreement.

The headline crude oil drawdown number is certainly supportive. but it could be something a shooting star.

Iraq is on board with extending the deal in the next OPEC meeting to help stabilize oil prices and balance the market.

OPEC members agreed in November to cut production by 1.2 million barrels per day for six months.

India'.s main crude suppliers. Saudi Arabia and Iraq. cut exports to India this year due to production curbs.

An extension of the OPEC agreement will not be enough to raise global oil prices significantly.

Russia said it supports a suggestion from Saudi Arabia that OPEC and its allies extend their oil output cuts into next year.

Iran will continue to rank first to third among main energy players in the world.