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Oil Hits $50 As OPEC Suggests It Might Deepen Output Cuts

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Should OPEC members find that the oil market needs more cuts, the cartel could decide to lower production by one percent more than last week’s deal-to-make-a-deal, Algerian Energy Minister Nouredine Bouterfa has said to local Ennahar TV.

Algeria hosted last week a meeting of the OPEC producers, which, against most odds and expectations, managed to reach a deal, to make a deal to cut production in the future by some 700,000 barrels per day to a production band of between 32.5 million bpd and 33 million bpd.

“We will evaluate the market in Vienna by the end of November and if 700,000 barrels are not enough, we will go up. Now that OPEC is unified and speaks in one voice everything is much easier and if we need to cut by 1 percent, we will cut by 1 percent,” Bouterfa told Ennahar, as reported by Reuters.

Ennahar TV tweeted on Thursday that Bouterfa had also said that OPEC and non-OPEC producers would meet in Istanbul on October 8-13.

On Wednesday, Venezuela’s oil ministry website confirmed that Venezuelan oil minister Eulogio Del Pino would attend the Istanbul meeting, alongside ministers from OPEC partners Saudi Arabia, Algeria, Gabon, Qatar and the UAE, plus non-OPEC Russia. The ministers will discuss how to implement the production cut agreed upon last week and how to advance talks to include non-OPEC producers, Del Pino says.

At the meeting in Algiers, OPEC agreed in principal on a range of production limits, with details on who’s cutting how much to be decided at the OPEC November 30 meeting in Vienna. In general, Libya and Nigeria – that have seen a lot of civil unrest and violence affecting oil output in recent months – will be exempted from production cuts, as will Iran. However, with Libya’s upcoming additional output, and OPEC’s track record of not sticking firmly to its decisions, the market is still guessing whether a specific deal will be hammered out in November.

By Tsvetana Paraskova for Oilprice.com

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Leave a comment
  • Sally W on October 06 2016 said:
    OH PLZ! Might deepen cuts.
    It's all jawboning to manipulate oil prices.
  • Bob on October 06 2016 said:
    It seems pricing in the markets are more significantly driven by talk and rumors rather than actual action.

    Fed threatening multiple interest rate hikes for over a year but only producing one in many years. Yet the talk still effects, for example, the gold market. Disney rumoured to be interested in both Twitter and Netflix seemed to move the stocks. No deal seen yet. Now, Algeria talking about further OPEC cuts when the current cut idea hasn't even been fleshed out. Yet it moves market pricing?

    I think this kind of stuff is related to the domination of computerized or algorithmic trading in pretty much all markets. I wonder if those huge international physical energy traders also have algorithmic divisions?
  • earnst on October 10 2016 said:
    Wouldn't it be nice if you could just suggest you might produce less and get a pay hike too? Just suggest it and see what happens. Do it and see. We need to fight back people. Buy lpg or electric, get solar. Let coal come back, heck why not bring back steam cars?!

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