• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 14 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 1 day How Far Have We Really Gotten With Alternative Energy
  • 11 days What fool thought this was a good idea...
  • 1 day Bad news for e-cars keeps coming
  • 9 days A question...
  • 13 days Why does this keep coming up? (The Renewable Energy Land Rush Could Threaten Food Security)
  • 14 days They pay YOU to TAKE Natural Gas
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 when prices shot above $100 per barrel from 2011 to 2014. Only in…




EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News