OPEC Panel Confirms Oil Glut Elimination
OPEC Panel Confirms Oil Glut Elimination

OPEC Panel Confirms Oil Glut Elimination

OPEC Panel Confirms Oil Glut Elimination

A meeting of the Joint Technical Committee of OPEC and non-OPEC oil producers part of the supply-cut pact announced on Thursday that oil inventories in developed economies had dropped to 12 million barrels over the official target of the cuts—the five-year average, a source familiar with the matter told Reuters.
The technical panel is meeting in Jeddah, Saudi Arabia, ahead of a ministerial meeting on Friday, which will be attended by the energy ministers of Saudi Arabia and Russia, among others.
According to Reuters’ sources, the panel found that oil inventories in the Organization for Economic Cooperation and Development nations were 12 million barrels above the five-year average, a virtually non-existent surplus, especially if compared to the 340-million-barrel overhang that was present in January 2017 when OPEC and its non-OPEC partners led by Russia started to cut oil production to erase the glut and prop up oil prices. Thanks to the cuts and to a better-than-initially expected global oil demand growth last year, OPEC and friends have now managed to virtually bring the oil market back to balance, if the five-year average of OECD oil stocks is the metric to measure the success. Yet, there are no signs that OPEC and non-OPEC partners would discuss exiting the cuts.


Short URL : https://goo.gl/4mkM98
  1. https://goo.gl/utcgDg
  • https://goo.gl/Hu3DG5
  • https://goo.gl/oemKaf
  • https://goo.gl/ZgKZnT
  • https://goo.gl/gvcYxP

You can also read ...

Shipments in the first two weeks of the month were 4.05 million bpd, the highest since November 2016.
Iraq exported oil at the fastest pace since late 2016 during...
Iran's June Onshore Oil Stocks Up 3.2m Barrels
Iran’s onshore oil stocks rose 3.2 million barrels in June...
Oil Prices Fall on Rise in US Stocks
Oil prices fell on Wednesday after news of a rise in US crude...
Investment in new conventional capacity is set to plunge in 2018 to about one-third of the total.
As the world’s energy sector moves toward greater...
Power Supply to Iraq Cut  Over Rising Domestic Demand
Energy Minister Reza Ardakanian said on Tuesday Iran has cut...
India Faces Iran Dilemma
The US embargo on Iran's oil shipments has put Indian Prime...
Gas Consumption Rising
Iran’s daily gas consumption hit 521 million cubic meters on...
Petrochem Company Indigenizes Equipment
In spite of international restrictions on accessing cutting-...

Add new comment

Read our comment policy before posting your viewpoints