OPEC has fulfilled 90% of promised cuts.
OPEC has fulfilled 90% of promised cuts.

Barkindo: Inventories Responding to OPEC Cuts

Barkindo: Inventories Responding to OPEC Cuts

Oil inventories onshore and offshore are responding to production cuts implemented by OPEC, the secretary-general of the organization, Mohammad Barkindo, said on Sunday.
OPEC-led production cuts have helped raise global oil prices by more than 10% since they were approved in November, Reuters reported.
"Overall, I think so far so good. Inventories are responding if you look at both offshore and onshore," Barkindo said on the sidelines of the CERAWeek energy conference in Houston.
The production reduction pact, which was joined by non-OPEC countries including Russia and Kazakhstan, is intended to reduce global output by about 1.8 million barrels a day, and bring supplies closer to demand.
The six-month agreement originally took effect on Jan. 1. Barkindo said it was premature to say if the cut should be extended. The Joint OPEC-Non-OPEC Ministerial Monitoring Committee (JMMC) reported in late February that producers achieved 86% conformity with pledged cuts in January.
"We have got commitment from all 24 countries. They will achieve their obligations," Barkindo told reporters. The OPEC secretary-general expects that the results of the deal on decreasing oil output in February would be better than the ones in January.
"We expect a higher level of conformity than in January. January is the first month. So, everybody is struggling," Barkindo said. According to the OPEC's February figures, the organization has cut the output down to 32.1 million barrels per day by 890,200 barrels if to compare with December, implementing the deal's provisions by over 90%.
Barkindo also said he had met shale oil producers in the United States ahead of the CERAWeek annual gathering of senior energy executives.
"We're just coming from a dinner with shale guys. They are very happy with what we have done. They deeply appreciate the efforts of OPEC and non-OPEC," he noted.


Short URL : https://goo.gl/JmFj04
  1. https://goo.gl/tEfmu9
  • https://goo.gl/OxM56c
  • https://goo.gl/cq8QNE
  • https://goo.gl/xtt60g
  • https://goo.gl/47N4XR

You can also read ...

Thermal Power Plants Capacity at 62,000 MW
Thermal power plants running on fossil fuels to generate power...
Nigeria will be able to participate in cuts when its output stabilizes at 1.8m bpd.
OPEC’s commitment to cutting production to clear a global glut...
Dana Energy Co. Signs Deal to Study Two Oilfields
Tehran-based Dana Energy Company has signed a memorandum of...
National Tanker Company Receives 2 Int'l Certificates
The National Iranian Tanker Company has been accredited with a...
Total Sets Oil Growth Target
French oil and gas major Total extended its oil production...
Oil Hits Eight-Month High
Oil prices rose on Monday to their highest in eight months...

Add new comment

Read our comment policy before posting your viewpoints

Enter the characters shown in the image.