• 4 minutes Energy Armageddon
  • 6 minutes How Far Have We Really Gotten With Alternative Energy
  • 10 minutes Wind droughts
  • 7 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 12 hours "Biden Is Running U.S. Energy Security Into The Ground" by Irina Slav
  • 2 hours "Natural Gas Price Fundamental Daily Forecast – Grinding Toward Summer Highs Despite Huge Short Interest" by James Hyerczyk & REUTERS on NatGas
  • 2 days "How to Calculate Your Individual ESG Score to ensure that your Digital ID 'benefits' and money are accessible"
  • 2 hours Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 12 days "Forget Oil, The Real Crisis Is Diesel Inventories: The US Has Just 25 Days Left" by Zero Hedge - 5 Stars *****
  • 5 days The Federal Reserve and Money...Aspects which are not widely known
  • 3 days "Europe’s Energy Crisis Has Ended Its Era Of Abundance" by Irina Slav
  • 9 days Is Europe heading for winter of discontent with extensive gas shortages?
  • 5 days "Dodgy Demand Data? The Oil Price Collapse Conspiracy" by Alex Kimani
  • 12 days "The Global Digital ID Prison" by James Corbett of CorbettReport.com
  • 13 days Goldman Betting on Cryptocurrencies
  • 16 days Сryptocurrency predictions
Urban Areas See Opportunities In Cooling Tech To Combat Climate Change

Urban Areas See Opportunities In Cooling Tech To Combat Climate Change

Sustainable urban development is projected…

OPEC+ Is Playing The Long Game

OPEC+ Is Playing The Long Game

With plenty of uncertainty in…

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




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