8,468 Active Recruiters     Over 2 Million Candidates Globally

  1. Keep me logged in
  2. forgot password

Checkout Jobs Basket (0)

You can checkout a maximum of 150 jobs.

Signup Better for Candidates

  • Create a free virtual CV and let recruiters find you
  • Automatically have your profile matched to suitable Oil & Gas positions
  • Link to your profile using it as a free online CV
  • Store all your employment documents to your profile for easy sending
  • Always receive feedback on positions applied for

Signup Better for Recruiters

  • Suitable candidates automatically matched to your position
  • View candidate profiles for free
  • No more waiting for candidates to respond to job advertisements
  • Only ever pay when you match a candidate to a position
  • No more cold calling and sorting through out dated CVs

OPEC Output Rises for First Time Since Start of 2019 Cuts

Published in Oil Industry News on Thursday, 5 September 2019

Graphic for News Item: OPEC Output Rises for First Time Since Start of 2019 Cuts

OPEC’s crude production rose last month, the first increase since the group and its allies started a new round of output cutbacks at the start of the year to shore up a weak global market.

Nigeria and Saudi Arabia led the boost by the Organization of Petroleum Exporting Countries, which collectively increased by 200,000 bpd to 29.99 MMbpd, according to a Bloomberg survey. The survey is based on estimates from officials, ship-tracking data and consultants including Rystad Energy and JBC Energy GmbH.

OPEC and its partners, a 24-nation coalition known as OPEC+, agreed to reduce output by 1.2 MMbpd at the beginning of 2019 as a faltering global economy and booming U.S. shale-oil production threatened to leave world markets with a glut. That deal replaced a previous round of curbs that began in January 2017.

OPEC Pivots

The strategy has struggled to shore up prices against a deteriorating outlook for global growth and a seemingly intractable trade war between the U.S. and China. Brent futures have subsided more than 20% from a peak reached in April and traded near $59/bbl on Monday.

While Saudi Arabia increased production last month, the kingdom is still cutting by far more than promised in the OPEC+ deal as it makes extra efforts to balance the market. Riyadh boosted output by 50,000 bpd to 9.83 MMbpd in August, a time when domestic consumption typically climbs amid soaring use of air conditioning.

Bigger-than-planned cutbacks by the Saudis are now only just balancing out cheating by other OPEC members.

Nigeria hasn’t made any of the cuts it pledged, and increased output again in August, by 60,000 bpd to 1.95 MMbpd, the highest level since early 2016. The West African producer has ramped up production to maximum levels at its new Egina offshore oil field operated by Total SA, according to the International Energy Agency.

Russia, the biggest producer outside OPEC in the coalition, has also shown signs of backsliding on its commitments.

The country pumped 11.294 MMbpd in August, or 104,000 bpd more than its limit under the OPEC accord. Energy Minister Alexander Novak had signaled compliance would slide as Russia cut more than required earlier this year following the discovery of contaminated crude in its Druzhba pipeline.

A committee made up of key members in the OPEC+ alliance will meet in Abu Dhabi on Sept. 12 to review their progress in stabilizing world crude markets. The full coalition will then gather in December in Vienna to consider any action required in 2020.

Source: www.worldoil.com

Please leave comments and feedback below

Source: www.worldoil.com

Please leave comments and feedback below


OpeC Oil and Gas, Iran Oil and Gas, OPEC Oil and Gas News, Oil and Gas News

Oil and Gas News Archive

Latest Oil & Gas News

Featured Companies

  • View All JobsOMPA

    Offshore Marine People & Academy (OMPA) is a global provider of personnel and training to the renewables, oil & gas, telecommunications and marine industries.

    With over 15 years' industry experience, we work with candidates to match them to the right roles and equip them with the skills and knowledge needed to succeed. Our job is to exceed your expectations.

    Visit us online: offshorempa.com

  • View All JobsChronos Oil and Gas

    Chronos Oil and Gas is one of the fastest growing and best placed recruitment agencies in the sector.

    With over 300,000 candidates on our database and an international team of specialist recruiters we work with clients to staff major projects around the world.

    Register your CV at www.chronosoilandgas.com

  • View All JobsNatural Resources

    Natural Resources is a UK based recruitment company providing personnel of all disciplines and nationalities worldwide.

    We represent clients and candidates at all levels who operate globally within oil & gas, renewables, nuclear, power, mining, marine, drilling, construction and petrochemicals. Our client base includes energy and construction.

    Visit Natural Resources at natural-resources.com