• 3 minutes This Battery Uses Up CO2 to Create Energy
  • 5 minutes Shale Oil Fiasco
  • 9 minutes Don't sneeze. Coronavirus is a threat to oil markets and global economies
  • 12 minutes Historian Slams Greta. I Don't See Her in Beijing or Delhi.
  • 14 hours Boris Johnson taken decision about 5G Huawei ban by delay (fait accompli method)
  • 1 min Which type of Hegemony will China follow
  • 3 hours China gets caught?
  • 4 hours Demand for Diesel vs. Oil
  • 17 hours Yesterday POLEXIT started (Poles do not want to leave EU, but Poland made the decisive step towards becoming dictatorship, in breach of accession treaty)
  • 22 mins Us Shale: Moving the US shale revolution forward
  • 2 days Here is Why People Lose Money Trading Natural Gas
  • 18 hours Environmentalists demand oil and gas companies *IN THE USA AND CANADA* reduce emissions to address climate change
  • 1 day Tesla Will ‘Disappear’ Or ‘Lose 80%’ Of Its Value
  • 2 days Let’s take a Historical walk around the Rig
  • 2 days US Shale: Technology
  • 2 days Governments that wasted massive windfalls

Breaking News:

Oil Prices Rise On Surprise Crude Draw

Alt Text

How Low Will The Coronavirus Send Oil Prices?

In today’s oil market it…

Alt Text

Tesla: Sell On The Trumpets

Tesla’s share price has skyrocketed…

Alt Text

Predicting The Bounce In Crude Oil

Crude prices have fallen significantly…

Tsvetana Paraskova

Tsvetana Paraskova

Tsvetana is a writer for Oilprice.com with over a decade of experience writing for news outlets such as iNVEZZ and SeeNews. 

More Info

Premium Content

OPEC/NOPEC To Discuss 1 Million Bpd Production Boost Next Week

A joint panel of OPEC and non-OPEC representatives will discuss next Tuesday how the group could distribute among them the 1 million bpd production increase that was agreed in June Reuters reported on Friday, citing sources familiar with the plans.

OPEC and its Russia-led partners of non-OPEC producers in the production cut pact agreed in June to ease compliance rates, in other words to boost production, to ease market and consumer concerns about an increasingly tighter market and higher oil and gasoline prices.

Analysts had expected that Iran would not agree to any specific production boost, and therefore any official OPEC statement—if Iran was to be convinced not to break up unanimity in the group—would be vague about the production figures, which it was.

While OPEC and allies report the overall compliance levels, the two archrivals in the Middle East and major oil producers within the cartel—Saudi Arabia and Iran—have quite different views on what the vague June agreement actually means. The Saudis say that it implies a redistribution of quotas with individual caps out and a collective 100-percent compliance rate in, while Iran insists that no country can compensate for others.

At the meeting of the so-called Joint Technical Committee next Tuesday, the panel will debate four proposals on how to share the production increase, one of Reuters’ sources said. Those proposals will come from Iran, Algeria, Venezuela, and Russia, the source added. One of the proposals is to share the production increase pro-rata among the countries. But this idea is unlikely to pass through the two leaders of the OPEC and non-OPEC groups—Saudi Arabia and Russia, respectively—because they would get a smaller production boost than they want: Saudi Arabia wants 400,000 bpd and Russia wants another 300,000 bpd, according to the source.

Earlier this month, Iran—faced with a decline in production and exports from the U.S. sanctions—warned OPEC that “no country can overtake the production and export quotas of other member states under any circumstances,” while Iran’s Oil Minister Bijan Zanganeh was quoted as saying that “Some members are interpreting the latest OPEC decision on oil output differently ... and are acting in accordance with the policies of the U.S.”

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:




Download The Free Oilprice App Today

Back to homepage




Leave a comment

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News
Download on the App Store Get it on Google Play