• 4 minutes Mueller Report Brings Into Focus Obama's Attempted Coup Against Trump
  • 7 minutes Countries with the most oil and where they're selling it
  • 10 minutes Stack gas analyzers
  • 13 minutes What Would Happen If the World Ran Out of Crude Oil?
  • 1 hour End of Sanction Waivers
  • 2 mins Climate Change Protests
  • 24 mins Balancing Act---Sanctions, Venezuela, Trade War and Demand
  • 7 mins Alliances: Iran And Pakistan To Form Joint Rapid Reaction Force At Border
  • 5 hours "Undeniable" Shale Slowdown?
  • 12 mins Don't Climb Onto the $80+ Oil Price Greed Roller Coaster, Please.
  • 12 hours How many drilling sites are left in the Permian?
  • 7 hours Gas Flaring
  • 8 hours Mueller Report Brings Into Focus Trump's Attempts to Interfere in the Special Counsel Investigation
  • 7 hours US Military Spends at least $81 Billion Protecting OPEC Persian Gulf Oil Shipping Lanes (16% DoD Budget)
  • 8 hours Trudeau Faces a New Foe as Conservatives Retake Power in Alberta
  • 8 hours China To Promote Using Wind Energy To Power Heating
  • 10 hours Oil at $40
  • 9 hours Case against Trans Mountain Begins
  • 9 hours U.S. Refiners Planning Major Plant Overhauls In Second Quarter

Breaking News:

Guaido Takes Strides To Topple Maduro

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

(Click to enlarge)

- 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

(Click to enlarge)

- 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…




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