• 3 hours LNG Glut To Continue Into 2020s, IEA Says
  • 5 hours Oil Nears $52 With Record OPEC Deal Compliance
  • 9 hours Saudi Aramco CEO Affirms IPO On Track For H2 2018
  • 11 hours Canadia Ltd. Returns To Sudan For First Time Since Oil Price Crash
  • 12 hours Syrian Rebel Group Takes Over Oil Field From IS
  • 3 days PDVSA Booted From Caribbean Terminal Over Unpaid Bills
  • 3 days Russia Warns Ukraine Against Recovering Oil Off The Coast Of Crimea
  • 3 days Syrian Rebels Relinquish Control Of Major Gas Field
  • 3 days Schlumberger Warns Of Moderating Investment In North America
  • 3 days Oil Prices Set For Weekly Loss As Profit Taking Trumps Mideast Tensions
  • 3 days Energy Regulators Look To Guard Grid From Cyberattacks
  • 3 days Mexico Says OPEC Has Not Approached It For Deal Extension
  • 3 days New Video Game Targets Oil Infrastructure
  • 3 days Shell Restarts Bonny Light Exports
  • 4 days Russia’s Rosneft To Take Majority In Kurdish Oil Pipeline
  • 4 days Iraq Struggles To Replace Damaged Kirkuk Equipment As Output Falls
  • 4 days British Utility Companies Brace For Major Reforms
  • 4 days Montenegro A ‘Sweet Spot’ Of Untapped Oil, Gas In The Adriatic
  • 4 days Rosneft CEO: Rising U.S. Shale A Downside Risk To Oil Prices
  • 4 days Brazil Could Invite More Bids For Unsold Pre-Salt Oil Blocks
  • 4 days OPEC/Non-OPEC Seek Consensus On Deal Before Nov Summit
  • 4 days London Stock Exchange Boss Defends Push To Win Aramco IPO
  • 4 days Rosneft Signs $400M Deal With Kurdistan
  • 5 days Kinder Morgan Warns About Trans Mountain Delays
  • 5 days India, China, U.S., Complain Of Venezuelan Crude Oil Quality Issues
  • 5 days Kurdish Kirkuk-Ceyhan Crude Oil Flows Plunge To 225,000 Bpd
  • 5 days Russia, Saudis Team Up To Boost Fracking Tech
  • 5 days Conflicting News Spurs Doubt On Aramco IPO
  • 5 days Exxon Starts Production At New Refinery In Texas
  • 5 days Iraq Asks BP To Redevelop Kirkuk Oil Fields
  • 6 days Oil Prices Rise After U.S. API Reports Strong Crude Inventory Draw
  • 6 days Oil Gains Spur Growth In Canada’s Oil Cities
  • 6 days China To Take 5% Of Rosneft’s Output In New Deal
  • 6 days UAE Oil Giant Seeks Partnership For Possible IPO
  • 6 days Planting Trees Could Cut Emissions As Much As Quitting Oil
  • 6 days VW Fails To Secure Critical Commodity For EVs
  • 6 days Enbridge Pipeline Expansion Finally Approved
  • 6 days Iraqi Forces Seize Control Of North Oil Co Fields In Kirkuk
  • 6 days OPEC Oil Deal Compliance Falls To 86%
  • 7 days U.S. Oil Production To Increase in November As Rig Count Falls

Breaking News:

LNG Glut To Continue Into 2020s, IEA Says

Alt Text

Is The War On Coal Really Over?

Even if the EPA manages…

Alt Text

Is The Aramco IPO On The Brink Of Collapse?

Conflicting news suggests that Saudi…

Alt Text

Europe Stands Divided On Gazprom’s Nord Stream 2 Pipeline

Gazprom’s Nord Stream 2 megaproject…

Tsvetana Paraskova

Tsvetana Paraskova

Tsvetana is a writer for the U.S.-based Divergente LLC consulting firm with over a decade of experience writing for news outlets such as iNVEZZ and…

More Info

OPEC's Strategy To Clamp Down On Cheating

OPEC

The latest chapter of the “what will OPEC do next” saga unfolded on Thursday as reports emerged that the cartel and the non-OPEC producers led by Russia may discuss a proposal to consider informal monitoring of crude oil exports, in addition to supervising compliance to production cuts.

The OPEC/non-OPEC joint panel on monitoring the cuts, which consists of OPEC’s Kuwait, Venezuela, and Algeria, as well as non-OPEC Russia and Oman, is expected to discuss on Friday in Vienna a recommendation for monitoring exports, Bloomberg reports, citing two delegates who spoke on the condition of anonymity.

Even if the producers agree to monitoring exports, results would be discussed internally, and OPEC’s secondary sources will remain the only official measuring stick for compliance, the delegates told Bloomberg.

According to Russian media, Russia’s Energy Minister Alexander Novak has said that the panel would discuss a monitoring procedure for oil exports at the meeting.

A technical committee met on Wednesday ahead of Friday’s panel meeting and said that compliance for August was at 116 percent, three sources told Reuters

The panel meeting will assess compliance, and could make recommendations for the official all-OPEC summit on November 30.

At last month’s meeting, the committee said that the oil market was moving in the right direction towards rebalancing, but all options, including extending the cuts beyond March 2018, are left open.

Related: Can Oil Prices Hit $60 In 2018?

A month later, all options indeed are still open, and there has not been unanimous talk from OPEC-member oil ministers or Russia.

Earlier this week, Iraqi Oil Minister Jabbar al-Luaibi said that “some think that cuts should be extended beyond March, three or four months, or six months, or maybe till the end of 2018.”

“Some, like Ecuador and other countries, even Iraq, think there should be another cut of 1 percent,” al- Luaibi said.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:




Back to homepage


Leave a comment

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News