From today’s Wall Street Journal:
“OPEC boosted its output by 160,000 barrels a day to a record 33.64 million barrels a day in September, the IEA said. At a meeting in Algiers last month, OPEC agreed to bring its output down to a maximum of 33 million barrels a day.”
And much of the increase is from 3 countries:
“Last month, production from Iran, Libya and Nigeria increased by a collective 120,000 barrels a day over August levels, the IEA said. In the near term, officials from those countries say they aim to boost daily production by another 580,000 barrels or so—an amount about equal to the total volume OPEC said it would cut.”
Russia’s oil production is also on the rise:
“OPEC is also pinning hopes for reducing the crude glut on producers outside the group. Speaking on Monday at an energy summit in Istanbul, Russian President Vladimir Putin said Moscow could join the cartel’s production cuts. But last month, his country boosted production of crude and natural-gas-liquids by about 400,000 barrels a day to a post-Soviet high, the IEA said.
Here is the link: http://www.wsj.com/articles/opec-members-raising-production-make-overall-cuts-harder-1476168078
Leave a Reply