• 3 minutes Looming European Gas Crisis in Winter and North African Factor - a must read by Cyril Widdershoven
  • 7 minutes "Biden Targets Another US Pipeline For Shutdown After 'Begging' Saudis For More Oil" - Zero Hedge Monday Nov 8th
  • 12 minutes "UN-Backed Banker Alliance Announces “Green” Plan to Transform the Global Financial System" by Whitney Webb
  • 1 hour GREEN NEW DEAL = BLIZZARD OF LIES
  • 3 days Microbes can provide sustainable hydrocarbons for the petrochemical industry
  • 1 day Building A $2 Billion Subsea Solar Power Cable From Chile To China
  • 10 hours Hunter Biden Helped China Gain Control of Cobalt Mines in Africa
  • 2 days CO2 Electrolysis to CO (Carbon Monoxide) and then to Graphite
  • 20 hours NordStream2
  • 18 hours OPEC+ Expects Large Oil Glut In Early 2022
  • 2 hours Ukrainian Maidan after 8 years
  • 3 days "Gold Set To Soar As Inflation Fears Mount" by Alex Kimani
  • 3 hours Forecasts for Natural Gas
  • 20 hours Big Bounce: Russian gas amid market tightness - new report by Oxford Institute for Energy Studies
Which Is The Best Shale Giant To Buy This Christmas?

Which Is The Best Shale Giant To Buy This Christmas?

Shale companies have become renowned…

Indonesia Suspended From OPEC

As if the reports that OPEC managed to reach a deal on production cuts was not news big enough, the organization added another shocker on Wednesday, by suspending Indonesia from OPEC.

The cartel agreed at the ministerial meeting today to suspend Indonesia from the organization, Reuters reports, citing an OPEC source.

Indonesia returned to full-fledged OPEC membership in December last year, after it had suspended its membership in December 2008, when its oil-exporting capabilities had started to wane, OPEC’s website says.

On the eve of OPEC’s meeting today, Indonesia’s energy minister Ignasius Jonan was not as optimistic as other OPEC ministers, and said he was not sure that OPEC would reach a deal.

“I don't know. Let's see. The feeling today is mixed,” Jonan said, as quoted by Reuters.

According to a survey by S&P Global Platts, Indonesia had been pumping steadily around 730,000 bpd in recent months. OPEC’s secondary sources data put Indonesia’s output at 722,000 bpd in October, down from 724,000 bpd in September.

According to a ZeroHedge tweet, which quotes Reuters, OPEC agreed to distribute Indonesia’s oil production share among some OPEC countries.

Indonesia’s suspension would also mean OPEC would have a new output floor, another ZeroHedge tweet says.

Indonesia aside, according to Reuters, the cartel’s de factor leader Saudi Arabia has agreed to cut its production to 10.06 million bpd, that’s around 500,000 bpd from the 10.532 million bpd output it had in October, according to OPEC secondary sources data.

The organization has also agreed to allow Iran to set its production level at 3.797 million bpd, an OPEC source told Reuters. The OPEC October data put Iran’s output at 3.690 million bpd.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | 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