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BREAKING: OPEC Agrees To 9-Month Extension Of Oil Production Deal

OPEC

OPEC talks ended in Vienna on Thursday with an agreement to extend the production cut deal through the end of 2018, a delegate told Reuters.

According to earlier reports, while extending to end-2018, the cartel was said to have agreed to review that pact in June, ZeroHedge tweeted. However, Amena Bakr, Senior Correspondent at Energy Intelligence Group, tweeted later that a source had said that “Reports of the extension being reviewed in June are inaccurate.”

OPEC is now mulling whether to include Nigeria and Libya—the two producers exempt so far from the production cuts—in the pact. According to the Financial Times, OPEC is working on a deal that will include details about the production targets of the two African producers.

Nigeria’s Oil Minister Emmanuel Kachikwu told the FT that OPEC would likely impose some kind of “soft” targets on Nigeria and Libya on the basis of their respective average production this year.

“This doesn’t mean a carte blanche for Libya and Nigeria. This is where we are and what we are still discussing,” Kachikwu told the FT, speaking by phone from the sidelines of the OPEC meeting.

OPEC is now discussing ‘soft targets’ of around 1.8 million bpd for Nigeria and 1 million bpd for Libya, and talks continue on how to phrase those numbers as “indicative” and not include them as hard targets in the final OPEC statement, the Nigerian minister told the FT. 

Related: Oil Majors Are Leading The Recovery Race

Meanwhile, non-OPEC South Sudan is studying the benefits of joining OPEC because it looks to double its oil production in 12 months from the current 135,000 bpd, Reuters quoted South Sudan Oil Minister Ezekiel Lol Gatkuoth as saying on Wednesday.

The meeting of OPEC and non-OPEC—which will be another interesting thing to follow given Russia’s reportedly less eager position on an outright extension to the end of 2018—has just started at the time of writing. This is the meeting at which OPEC and its kingpin Saudi Arabia and the leader of the non-OPEC nations, Russia, will have to hammer out the final details of the ‘Declaration of Cooperation’ like OPEC phrases the deal. 

By Tsvetana Paraskova for Oilprice.com

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  • Steven J. on November 30 2017 said:
    I think OPEC and NOPEC realized what they are dealing with. The US strategic oil reserve declined 2.4 million bbls the week ending 11-24-2017. The EIA and the media is saying shale is ramping while the S.P.R. is padding the market. I guess they think people are stupid. If the US is tapping into the S.P.R. thing must be really bad.
  • Me on November 30 2017 said:
    Thanks for the comments on the SPR ... I've been hoping to see an article on the effect it has had on storage volumes this year.

    How much has been released year to date?
  • Disgruntled on November 30 2017 said:
    The decision to tap the SPR was made some time ago. The below is dated 8/15/2017. Under 2 separate laws, the DOE will sell 14 million barrels from the SPR in 2018, or a little over 38kbopd.

    "The United States Department of Energy’s (DOE) Office of Fossil Energy (FE) announced today that DOE would issue a Notice of Sale for the sale of crude oil from the Strategic Petroleum Reserve (SPR) in late August 2017.

    The SPR is the world's largest supply of emergency crude oil. The SPR stores its federally owned oil stocks in underground salt caverns at four storage sites in Texas and Louisiana.

    FE plans to draw down and sell 14 million barrels of crude oil from the SPR to fulfill the requirements of Section 5010(a)(1)(B) of the 21st Century Cures Act (Public Law 114-255) and Section 403(a)(1) of the Bipartisan Budget Act of 2015 (Public Law 114-74).

    Under Section 5010 of the 21st Century Cures Act, signed on January 4, 2016, the Secretary of Energy is directed to draw down and sell a total of 25 million barrels of crude oil from the SPR, over three consecutive fiscal years (FY), beginning in FY 2017. Of this amount, DOE will sell 9 million barrels in FY 2018. Revenues from the sale will go to the general fund of the United States Department of the Treasury, to carry out the National Institutes of Health’s innovation projects.

    Under Section 403 of the Bipartisan Budget Act of 2015, signed on November 2, 2015, the Secretary of Energy is directed to draw down and sell a total of 58 million barrels of crude oil from the SPR, over eight consecutive FYs, commencing in FY 2018. Of this amount, DOE will sell 5 million barrels in FY 2018."
  • dsinha on November 30 2017 said:
    opec this oil is their Monopoly . Game is over . Shale oil will kick them . They are acting like it is 1972.

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