Quitting oil production cuts not planned: Kuwait

January 19, 2018 0

The Joint Ministerial Monitoring Committee (JMMC) will meet this weekend in Oman to discuss the ongoing output cuts agreed amongst OPEC and non-OPEC oil producers, but an exit strategy it’s on the agenda, Kallanish Energy understands.

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OPEC’s 2017 crude output average 32.39 MMBPD

January 19, 2018 0

Crude oil production from the Organization of Petroleum Exporting Countries (OPEC) fell by 250,000 barrels per day (BPD) in 2017, which is less than 1%, to average 32.39 million barrels per day (MMBPD).

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Kazakhstan least-compliant in oil cut pact

January 15, 2018 0

Iraq is reportedly no-longer the less compliant country within the OPEC and non-OPEC oil output pact, not because it has met its production target, but because Kazakhstan has become the biggest over producer.

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Oil market rebalancing, but there’s more to do: UAE

January 12, 2018 0

UAE’s energy minister Suhail Al-Mazrouei, who’s now OPEC president, said on Thursday that rising oil prices are reflecting the positive market sentiment, but a correction in the market remains a working in progress situation, with rebalancing expected to happen sometime this year.

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Supply pact helps keep OPEC crude production steady

January 11, 2018 0

OPEC crude oil production averaged 32.5 million barrels per day (MMBPD) in 2017, a decrease of 0.2 MMBPD from 2016, primarily due to the November 2016 OPEC production agreement designed to limit OPEC crude oil output to 32.5 MMBPD.

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Venezuela’s oil output decline accelerating: Citi

January 11, 2018 0

There’s a credible risk that production declines in Venezuela will accelerate and potentially be under 1 million barrels per day (MMBPD) by year-end, Citigroup analysts said in a report late on Tuesday, Kallanish Energy learns.

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