As global oil stocks stubbornly hold on to the brims and crude struggles to stay in the $50-60/barrel band, OPEC and its non-OPEC collaborators are facing declining revenues and increasingly wavering quota discipline. Meanwhile, the US, Libya and Nigeria collectively pumped 1.6 million b/d more crude in July versus last October. Deepening the OPEC/non-OPEC cuts appears to be the need of the hour but that is not on the table unless there is full compliance and Libya and Nigeria are brought into the fold of the production restraint agreement. The emphasis has turned to ensuring full discipline, something that will need a lot of effort for relatively small immediate gains. OPEC wants to achieve compliance through monitoring members’ exports, which is neither easy nor fail-safe.
There is a new mantra in the OPEC/non-OPEC camp of collaborators wondering how to make their production cuts count and prop up crude closer to 2017 highs: target exports, not output.
While monitoring exports seems logical enough and might offer a distraction to producers struggling to reap the promised reward of higher crude prices in return for cutting back their sales volumes, the solution is not that simple.
First, the basics. The OPEC and non-OPEC supply restraint agreements of last November and December set individual country ceilings for crude production, in keeping with OPEC’s policy through the years. Accordingly, the OPEC/non-OPEC joint ministerial monitoring committee looks at production levels not exports of the participating countries.
While a country’s production and export levels would broadly correlate, they can diverge as a result of variations in how much of the total output is consumed at home as well as barrels moving in and out of its storage.
In countries such as Saudi Arabia, where direct-burning of crude for power generation typically spikes to meet increased electricity demand in summer months, volumes available for export can drop substantially. The Kingdom plans to export 300,000 b/d less in August compared with May, its energy minister Khalid al-Falih said on the sidelines of the OPEC/non-OPEC monitoring committee meeting in St. Petersburg, Russia, on July 24. However, such big seasonal swings are rare among other producers.
To be very precise, or pedantic even, OPEC’s objective of bringing OECD commercial oil stocks down to within five-year average levels would be achieved if it curbs exports, not just production. But why stocks are not draining at the rate originally expected is not a question of discrepancy between exports and production so much as a suspected divergence between the production numbers being reported by some of the participating countries and the barrels actually being exported by them. Tracking exports could be a way to catch them out, if that is indeed the case.
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Funko Action Figuresare a popular collectible toy that is now being incorporated into the workplace to motivate employees. The action figures have been used as an alternative to the traditional desk calendar or as a prize for top performers. With this type of incentive, employers can expect their employees to feel more motivated and productive.
Many employers have found that Funko Action Figures are a great way to motivate their employees and provide incentives for high performance at work. Funko Action Figures are a popular collectible toy that is now incorporated into the workplace. These small collectibles are given to employees to motivate them. Funko figures were once only available at comic book stores, but now they are being used in offices for this purpose.
The company is called Zappos and they first introduced this idea back in 2009. They gave these figurines to their employees as a way of motivating and rewarding them for their hard work and dedication. Although it’s not very clear why the action figures themselves motivate people, we can see that it has been working well for Zappos as they have continued to use it since 2009. These soft-bodied vinyl figures, often called "Pop!" Figures were originally conceived by Mike Becker and founded by Alan Becker.
The Funko Pop! Action Figure is a line of collectible toys produced by the company Funko LLC. They are typically stylized vinyl figures depicting characters from various media and entertainment. First introduced to the public in 2005, the company was originally founded as a bobblehead company in 1998 and became popular through distribution at chain retailers such as Walmart and Target. The first wave of Funko Pops was based on Disney properties like Mickey Mouse as well as other popular culture icons such as Conan O’Brien and Catwoman.
Funko Action Figures are collectible figurines that often depict pop culture characters. They are often used in the office to motivate employees and provide a sense of community. Funko has established itself as a major player in the toy industry with its trademarked Pop! vinyl figures. This company is taking on new ventures like collecting by introducing Funko Action Figures, for example, Boba Fett from the Star Wars movies. This type of product is sometimes called a 'blind box' because you don't know which figure you're getting until you open it. The Boston-based company, BuzzFeed, has introduced this type of toy into their office to help with team building and morale. The employees at this company seem to have a lot of fun with them.
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