Petroleum Africa
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Thursday, December 1, 2016
The Organization of Petroleum Exporting Countries, better known as OPEC, has come to a consensus on reining in production. This is the first time in eight years that the producing group has agreed to limit production.
Of its members, Saudi Arabia will take the biggest hit on production, agreement to reduce its flows by 500,000 bpd, while post-sanction Iran, who had just resumed ramping up production will freeze its output at pre-sanction levels. Other members also agreed to cut production.
Of the non-OPEC producers Russia has jumped onboard and agreed to cut its flows. The country’s energy minister, Alexander Novak, speaking to reporters said his country was ready to gradually rein in production. Novak said Russia could gradually cut its flows by up to 300,000 bpd in H1 2017 as part of its agreement with the cartel.
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