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OPEC Overproduction To Create Problems In Vienna

OPEC

Friday November 18, 2016

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’s job getting harder

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- In Algiers at the end of September OPEC members pledged to cut their collective output to a range between 32.5 million barrels per day and 33.0 mb/d.
- At the time, it appeared to be a heavy lift although it would be doable, requiring cuts between 200,000 and 700,000 barrels per day.
- But since then, several members continued to boost output ahead of the Nov. 30 meeting.
- Production is now up to 33.6 mb/d, which means OPEC will need to cut between 600,000 and 1.1 mb/d to fall within that range.
- Members are now in the middle of a final diplomatic push to overcome hurdles, and Russia has signaled its tentative support. But convincing Iran and Iraq to cut, the two biggest obstacles to a deal, will prove difficult.

2. Saudi Arabia set to unveil oil reserves

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- Saudi Arabia is preparing to publish data on its oil reserves, a closely guarded state secret that it has not updated since the 1980s.
- It is unlikely that Saudi Arabia’s oil reserves have stayed constant at 260 billion barrels for three decades, as the government…

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