Production cuts predicts a deficit of the oil market in the second half of 2017

Production cuts predicts a deficit of the oil market in the second half of 2017




Predicts the International Energy Agency, the occurrence of a deficit in the oil markets around the world, in the second half of this year, due to cut crude production by the Organization of Petroleum Exporting Countries "OPEC".
The agency said in its monthly report, on Wednesday, that "OPEC" commitment and independent producers decision to cut output until the end of next June, will create a shortfall in oil markets around the world.
In November , 2016, "OPEC" countries coincided to reduce the total oil production by 1.2 million barrels per day, while the agreed 11 other countries not members of the oil cartel, to cut production B558 thousand barrels per day, 10 December 2016.
The Agreement entered into effect beginning January second last; in order to restore the balance between supply and demand, thereby improving oil prices.

The agency believes that the results of production cuts did not appear directly from the first month, because of rising oil inventories since last year, and continued high supply in the global market, "and this requires time.
Stipulated Agency, continued geopolitical situation and political stability of supply and demand for crude oil without any change on the world, to be predictions correct.
she pointed out that the average commitment to reduce production of the Member States in the "OPEC" ratio, amounted to 98% during the past two months, describing the commitment to "strong start, but it noted the vulnerability of this high rate, downwardly implemented by Saudi Arabia, which production reduced by 135% compared with the commitments made by Member States, amounting to 486 thousand barrels per day.
She said, the commitment of the 11 non - member States, which has pledged to cut production by 558 thousand barrels per day, still is not clear yet.
The report by the Center "Shall Economic Studies" has shown on 28 February, that the reduction of the world 's oil production by only 2% could lead to a price rise between 50% and 100% according to the speed in the absorption of the surplus, but the report was considered at the time, that markets are no longer think the usefulness of the letters show of force for some producing countries, does not seem to be aware of the importance and seriousness of the time factor on its future, Vtkalifa can not be compensated.

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