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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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    In numbers.. OPEC+ alliance production declines despite Iraq and 6 countries exceeding the prescribe

    Rocky
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    In numbers.. OPEC+ alliance production declines despite Iraq and 6 countries exceeding the prescribe Empty In numbers.. OPEC+ alliance production declines despite Iraq and 6 countries exceeding the prescribe

    Post by Rocky Sat 10 Feb 2024, 6:54 am

    [size=35][size=35]In numbers.. OPEC+ alliance production declines despite Iraq and 6 countries exceeding the prescribed quotas[/size]
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    Economy

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    02-10-2024 | 06:20
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    Al-Sumaria News - Economy

    OPEC+ production in January 2024 recorded its largest decline in 6 months, despite 7 countries exceeding production quotas, according to the specialized energy platform.


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    The coalition had approved in the November 2023 meeting the continuation of the production reduction policy, which it had previously announced in the June meeting of the same year, but the last meeting witnessed 7 countries announcing voluntary reductions in production in the first quarter of this year, in addition to a reduction in exports. By Russia.



    Last month's production is the first real test of the cuts scheduled for the current year, with the new reduction quotas taking effect from January until December at the end of the year.

    January Production:
    The total production cuts of the OPEC+ alliance last month amounted to 340 thousand barrels per day, and although the decline was record compared to the last 6 months, it is still less than the target of cuts in the first quarter of 2024, estimated at about 700 thousand barrels per day.

    The Organization of the Petroleum Exporting Countries (OPEC) contributed the largest share of the rate of production reduction, as the production of 12 member states of the organization decreased by up to 310 thousand barrels per day, with a total production of 26.49 million barrels per day.

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    The share of reduction by the 10 coalition countries outside the organization was estimated at about 30 thousand barrels per day, with a total production of 14.72 million barrels per day, according to a survey conducted by Platts, the results of which were published on the Standard & Poor’s Global website (S&P Global).

    Several factors occurred during the past month that affected the volume of production, including: voluntary reductions by some members during the first quarter of this year, in addition to the closure of the Sharara field - the largest in Libya - for 18 days, which prompted Tripoli to record the largest share of decline during the period. the month.

    Saudi Arabia, the largest oil producer in OPEC, maintained its plan to voluntarily reduce production by one million barrels since July 2023, at less than 10 million barrels per day.

    Production of OPEC countries:
    7 member countries of the OPEC+ alliance exceeded the production quotas set after the cuts, 4 of which are members of OPEC (Iraq, Kuwait, the UAE, and Gabon), and 3 are from outside the organization (Kazakhstan, the Sultanate of Oman, and South Sudan).

    Iraq was committed to a production quota of 4,000 barrels per day during the first three months of this year, but it produced 4,270,000 barrels in January.

    Thus, its production remained above the target reduction by 270,000 barrels per day, despite reducing it by 80,000 barrels per day compared to December 2023 production.

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    The same thing happened with Kuwait, whose production share was estimated at about 2.410 million barrels per day after the reduction allocated for the first three months of the year, but it produced 2.450 million barrels.

    Kuwait's production exceeded the planned reduction by about 40,000 barrels per day, despite it being reduced by 100,000 barrels compared to last December's production.

    The UAE also did not adhere to its quota after the reduction of 2.910 million barrels per day, as it actually produced 2.950 million barrels per day, an increase of 40 thousand barrels over the prescribed quota.

    As for Gabon, its share after the reduction was 170,000 barrels per day, but last month it produced 230,000 barrels, an increase of 60,000 barrels.

    Countries outside OPEC:
    3 countries outside OPEC violated the production quotas set after the reduction, bringing the number of member countries of the OPEC+ alliance that are not committed to production quotas to 7 countries.

    Kazakhstan's production share after the reduction was estimated at 1.468 million barrels per day, and it actually produced 1.560 million barrels, an increase of 92 thousand barrels.

    The Sultanate of Oman committed to producing 759,000 barrels per day during the first three months of this year, but last January it produced 770,000 barrels, exceeding its quota by about 11,000 barrels.

    Although South Sudan was not one of the countries that approved an additional voluntary reduction, it also did not adhere to the main quota after implementing the coalition reduction, which was estimated at about 124 thousand barrels, and the African country exceeded this quota by producing about 150 thousand barrels.

    Algeria - a member of OPEC - was closest to its commitment to production quotas during January 2024, at 910 thousand barrels per day.

    It appears that the decrease in production of the African member states of the OPEC+ alliance absorbed the increase in oil production from the seven countries exceeding the production ceiling, led by Iraq.

    Given that OPEC+ production represents a 40% share of market supplies, last month’s production represents a glimmer of hope for a further decline in subsequent months, which supports market control and stability. 
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