• 5 minutes Closing the circle around Saudi Arabia: Where did Khashoggi disappear?
  • 10 minutes Iranian Sanctions - What Are The Facts?
  • 15 minutes U.N. About Climate Change: World Must Take 'Unprecedented' Steps To Avert Worst Effects
  • 22 mins Can the World Survive without Saudi Oil?
  • 3 hours Sears files Chapter 11
  • 3 hours Natural disasters and US deficit
  • 12 mins U.S. - Saudi Arabia: President Trump Says Saudi Arabia's King Wouldn't Survive "Two Weeks" Without U.S. Backing
  • 20 hours How High Can Oil Prices Rise? (Part 2 of my previous thread)
  • 5 hours China Is the Climate-Change Battleground
  • 1 day How Long Until We Have Working Nuclear Fusion Reactor?
  • 2 days $70 More Likely Than $100 - YeeeeeeHaaaaa
  • 2 days COLORADO FOCUS: Stocks to Watch Prior to Midterms
  • 19 hours Saudi A Threatens to Block UN Climate Report
  • 13 hours Threat: Iran warns U.S, Israel to expect a 'devastating' revenge
  • 18 hours German Voters Set to Punish Merkel’s Conservative Bloc
  • 18 hours Nothing new in Middle East? Iran Puts On 'Show Of Strength' Military Exercise In Gulf
Oil Prices Subdued, But For How Long?

Oil Prices Subdued, But For How Long?

Oil prices may have closed…

Zainab Calcuttawala

Zainab Calcuttawala

Zainab Calcuttawala is an American journalist based in Morocco. She completed her undergraduate coursework at the University of Texas at Austin (Hook’em) and reports on…

More Info

OPEC Output Drops By 80,000 BPD On Iraq Output Instability

OPEC

A new Reuters survey found that OPEC’s output dropped in October due to production disruptions in Iraq as well as increased compliance to established quotas by the rest of the bloc’s countries.

Total production fell by 80,000 barrels per day this month as compliance rose to 92 percent – up four points from September. Saudi Arabia continued its trend to pump below target, and Venezuelan output fell further as the nation’s economy spirals into a depression.

Brent barrels rose to over $60 a barrel, which is the price that Saudi Aramco executives were aiming to reach before the state-run company’s initial public offering next year.

Following the Kurdistan region’s referendum which Iraq did not recognize, Iraq’s government forces completed in mid-October an operation to seize control of all oil fields that Iraqi state-held North Oil Company operates in the oil-rich Kirkuk region from Kurdish forces. Crude oil from northern Iraq, including from the Kurdistan region, stopped flowing from the oil pipeline between Kirkuk and the Turkish Mediterranean port of Ceyhan early on Monday local time, Bloomberg reported yesterday, citing a port agent.

Next month, the cartel is set to meet at Vienna in order to discuss the future of 1.2 million barrels per day of production cuts. Moscow agreed to cut 300,000 bpd in production in concert with OPEC’s agreement.

Related: Saudis Need $70 Oil To Break Even

“With both the Saudi and Russian leadership in favor of prolonging supply curbs, next month’s OPEC meeting is shaping up to be a non-event,” Stephen Brennock of oil broker PVM told Reuters. “That is unless the oil cartel announces deeper output cuts or provisions for exempted members Libya and Nigeria.”

Libyan output increased by 70,000 barrels this month due to new stable output from the Sharara field – the country’s largest.

By Zainab Calcuttawala for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment

Leave a comment

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