OPEC oil gushes ahead of talks to cut out­put

The Myanmar Times - - International Business -

THE Or­gan­i­sa­tion of the Petroleum Ex­port­ing Coun­tries pumped oil at record lev­els last month even though the car­tel aims to agree a pro­duc­tion cut in less than three weeks in an ef­fort to boost prices.

OPEC agreed in Septem­ber to trim pro­duc­tion but the ac­cord still has to be fi­nalised on Novem­ber 30 in Vienna.

In its Novem­ber monthly re­port, OPEC said that its 14 mem­bers pumped 33.64 mil­lion bar­rels a day (mb/d) in Oc­to­ber, 236,000 bar­rels more than in Septem­ber.

Saudi Ara­bia’s out­put fell 51,700 bpd to 10.5 mb/d but Iraq and Iran, the next big­gest pro­duc­ers, reg­is­tered in­creases, as did Libya and Nige­ria, the re­port said.

Iran, Saudi Ara­bia’s arch foe, in par­tic­u­lar is keen to keep the taps open fol­low­ing the lift­ing of in­ter­na­tional sanc­tions un­der last year’s land­mark nu­clear deal.

The OPEC re­port chimed broadly with fig­ures re­leased by the In­ter­na­tional En­ergy Agency, which put car­tel out­put at 33.8 mb/d.

The IEA said this was “well in ex­cess” of the 32.5 mb/d to 33.0 mb/d range agreed by OPEC in Al­giers in Septem­ber.

“This means that OPEC must agree to sig­nif­i­cant cuts in Vienna to turn its Al­giers com­mit­ment into re­al­ity,” the IEA added.

The Septem­ber agree­ment lifted oil prices but they re­main hov­er­ing at around US$45 per bar­rel. –

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