• 4 minutes Is The Three Gorges Dam on the Brink of Collapse?
  • 8 minutes The Coal Industry May Never Recover From The Pandemic
  • 11 minutes China Raids Bank and Investor Accounts
  • 22 hours During March, April, May the states with the highest infections/deaths were NY, NJ, Ma. . . . . Today (June) the three have the best numbers. How ? Herd immunity ?
  • 14 hours Putin Forever: Russians Given Money As Vote That Could Extend Putin's Rule Draws To A Close
  • 8 mins Putin Paid Militants to Kill US Troops
  • 22 hours Biden admits he has been tested for Cognitive Decline several times. Didn't show any proof of test results.
  • 31 mins Victor Davis Hansen on Biden's mental acuity " . . unfit to serve". 1 out of 5 Democrats admit it. How many Dem's believe it but will not admit it?
  • 13 hours Tesla Model 3 police cars pay for themselves faster than expected, says police chief
  • 17 hours Apology Accepted!
  • 12 mins Is OilPrice a cover for Green Propganda
  • 14 hours The Political Genius of Donald Trump
  • 21 hours Why Oil could hit $100
  • 2 days Biden came out of his basement today (Thursday) and said , "we have 120 Million deaths from Covid 19.
  • 2 days U.S. natural gas at major disadvantage in Europe and China.
  • 19 hours Per most popular Indian websites it was Indian troops not Chinese troops breach of LAC that caused the clashes. If you know any Indian media that claim to the contrary please provide the link

Breaking News:

Japan Bets Big On Mozambique LNG

Oil Capped By COVID Fears

Oil Capped By COVID Fears

Oil prices rose this week…

Alberta Lays Out Plan To Recover From Oil Price Collapse

Alberta Lays Out Plan To Recover From Oil Price Collapse

Alberta's Conservative government is taking…

Damir Kaletovic

Damir Kaletovic

Damir Kaletovic is an award-winning investigative journalist, documentary filmmaker and expert on Southeastern Europe whose work appears on behalf of Oilprice.com and several other news…

More Info

OPEC To Meet In Vienna This Weekend For Oil Cut Compliance

This weekend the representatives of OPEC and several other major oil producers outside of this group, including Russia, are meeting in Vienna for their first meeting to monitor compliance with the oil output cut agreement.

The meeting will establish a compliance mechanism to verify that producers are sticking to a deal to reduce output by 1.8 million barrels per day, said OPEC's Secretary General Mohammed Barkindo.

Their plan is to figure out how to confirm that all 24 signatories of this historic deal are keeping to their pledges to reduce output and keep the agreed on amount of supply off the market for six months.

OPEC is keen to demonstrate that it has shed its hard-earned reputation for cheating, and that the group is serious about tackling the supply glut and lifting oil prices.

OPEC’s agreement to reduce output in tandem with non-OPEC Russia and several other producers in December was the first such move in 15 years.

"I have no doubts in Russia's commitment to continue to participate with us and solidify this platform effectively establishing a stabilizing forum for the short, mid and long-term," Barkindo said.

International oil prices rose to an 18-month high of more than US$58 a barrel after the OPEC and several non-members agreed on December 10 to end two years of unfettered production and instead cut output. Crude has since slid back down some 5 percent as speculators are concerned that commitments will not be met.

Related: Oil Slides After Massive Rig Count Gain

In December, OPEC’s production fell by 220,900 barrels a day to 33.085 million barrels a day, with the biggest drops coming from Saudi Arabia and Nigeria, according to secondary source data in the group’s monthly report published on 18 January.

The organization agreed to reduce its output to 32.5 million barrels a day, although that total included about 740,000 barrels a day of output from former member Indonesia.

Russia has pumped an average of 11.1 million barrels a day so far in January—108,000 barrels a day less than official government figures for November and December, according to initial data from the Energy Ministry, compiled by Bloomberg. Russia agreed to cut 300,000 barrels a day by April or May.

OPEC will meet in May to decide whether to propose to extend the output cutting measures together with non-OPEC countries.

By Damir Kaletovic for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment
  • fran m farrell on January 21 2017 said:
    With overhead photography it is easy to spot preparation for increased production. No tongues needed, forked or otherwise.

Leave a comment

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