Iraqi compliance to the OPEC-non-OPEC output deal is just over 50% at an average production of 4.45 million barrels per day (MMBPD) so far this year, compared to the OPEC’s overall 101% compliance rate, UK’s pricing agency Argus estimates.
There’s nothing the Organization of Petroleum Exporting Countries (OPEC) can do to stop U.S. shale, John Driscoll, chief strategist at JTD Energy Services said on Thursday, adding that the recent oil rally is seasonal.
Total crude oil production from the Organization of Petroleum Exporting Countries increased 173,000 barrels per day (BPD) in July from June, to average 32.87 million barrels per day (MMBPD), according to secondary sources used in the cartel’s August Monthly Oil Market Report.
Oil prices moved slightly higher Friday, but posted another weekly decline after the International Energy Agency said market rebalancing was taking time due to weak OPEC compliance with output cuts.
OPEC said on Tuesday the extraordinary meeting in Abu Dhabi with its allies to discuss the conformity levels of some producing countries was “constructive” and “fruitful,” Kallanish Energy learns.
Saudi Arabia’s state oil company, Saudi Aramco, will cut crude oil allocations to customers worldwide in September by at least 520,000 barrels per day (BPD), an industry source told Reuters Tuesday.
Iran’s president, Hassan Rouhani, has proposed reappointing the country’s longest-tenured oil minister, Bijan Namdar Zanganeh, who fought to restore crude production and closed a deal with Total SA to develop Iran’s share of the world’s biggest natural gas field.