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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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Established in 2006 as a Community of Reality

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    OPEC output fell to an 11-month low last March

    Rocky
    Rocky
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    OPEC output fell to an 11-month low last March Empty OPEC output fell to an 11-month low last March

    Post by Rocky Thu 05 Apr 2018, 3:43 am

    OPEC output fell to an 11-month low last March
    April 05 2018 11:19 p
    OPEC output fell to an 11-month low last March 4201728164834906042334
    [rtl][rtl]OPEC[/rtl]
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    Baghdad Post
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    OPEC output in March fell to an 11-month low as Angola's exports fell, delays in Libya and further declines in Venezuela's output, bringing the commitment to a supply-side agreement to a new record. 


    The Organization of the Petroleum Exporting Countries (OPEC) pumped 32.19 million barrels per day last month, down 90,000 barrels per day from February, and the total number of production last month was the lowest since April 2017. 

    OPEC production fell 1.2 million barrels per day under an agreement With Russia and other non-OPEC producers to dispose of the supply gap. Implementation of the agreement began in January 2017 and continues until the end of 2018. 


    The survey found that the commitment of producers to the agreement increased to 159% of the agreed reductions compared to 154% in February, With other producers raising production to take advantage of higher prices To compensate for the decline in Venezuelan production.


    Oil prices hit $ 71 a barrel this year for the first time since 2014, and crude traded above $ 67 a barrel today, but OPEC says supply constraints should be kept to make sure that the bottlenecks that have been growing since 2014 are over. 


    In March, the biggest supply cut came from Angola, which exported 48 shipments, the lowest of the same month in 2017, and natural declines in some fields are pushing production. 


    Production in Libya, which is still unstable, has fallen due to stops in the elephant and sparrow fields, in a setback to the partial recovery of 2018. 


    Venezuela's production continued to decline as the oil industry suffered from a lack of funding due to the economic crisis and production fell to 1.56 million bpd In March according to the survey, a new long-term low. 



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