• 3 minutes Cyberattack Forces Shutdown Of Largest Gasoline Pipeline In United States - Zero Hedge
  • 6 minutes Renewable Energy Capacity Jumped 45% Worldwide In 2020; IEA Sees 'New Normal'
  • 11 minutes Forecasts for Natural Gas
  • 12 mins U.S. Presidential Elections Status - Electoral Votes
  • 17 hours Is the Republican Party going to perpetuate lies about the 2020 election and attempt to whitewash what happened on January 6th?
  • 6 hours Electric vehicle market growth is a blessing for some metals — and not a big worry for oil
  • 2 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 18 hours .
  • 24 mins Сryptocurrency predictions
  • 2 days CRAPPIFORNIA DOES IT AGAIN! California proposes to steer new homes from gas appliances
  • 2 days 1 in 5 electric vehicle owners in California switched back to gas because charging their cars is a hassle, new research shows
Editorial Dept

Editorial Dept

More Info

OPEC Meeting Sparks Oil Price Volatility

In the latest edition of the Numbers Report, we’ll take a look at some of the most interesting figures put out this week in the energy sector. Each week we’ll dig into some data and provide a bit of explanation on what drives the numbers.

Let’s take a look.

1. OPEC no decision – to revisit production levels

 

(Click to enlarge)

- OPEC surprised the oil markets by coming to no decision on a change in policy. But they did acknowledge current production levels, and said that while no official figure was settled on, they would agree on current “actual” production levels.
- Again, despite confusing media reports on a target increase from 30 million barrels per day (mb/d) to 31.5 mb/d, OPEC instead agreed not to officially change the target, but acknowledged current “actual” production levels. Actual production levels are at 31.8 mb/d.
- OPEC said it couldn’t agree on a target increase because Iran is slated to re-enter global markets. OPEC will revisit the official target over the next few months. Ostensibly, the target stays at 30 mb/d, even though actual levels are above that.
- OPEC has consistently produced above its production target, and that is not a new phenomenon (see chart).
- OPEC has adjusted output in the past to address market changes. A few examples: an increase in ’08 during the run up in prices; a decrease once the financial crisis hit; and an increase…




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