More OPEC cuts?… Bloomberg – Commodity Research Group

December 23, 2018 by Jim Colburn Leave a Comment

Mohammed Sergie at Bloomberg writes that OPEC hints that greater cuts could be considered, here…

“OPEC cuts may end up being deeper than agreed because of planned maintenance and production snags in some member countries, Al Mazrouei said. Conflict, sanctions and aging oil fields have been factors that dragged on output in Libya, Nigeria, Iran and Venezuela in recent years.

Saudi Arabia has volunteered to take the lead in trimming production by more than it has agreed. The world’s biggest oil exporter plans to pump 10.2 million barrels a day in January rather than the 10.3 million allotted to it in the OPEC+ agreement.

“Over-conformity is not new to Saudi Arabia,” said the kingdom’s OPEC governor Adeeb Al Aama. “Our conformity with the previous cuts was 120 percent between January 2017 and May 2018.””

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