Easwaran Kanason

Co - founder of NrgEdge
Last Updated: December 1, 2017
1 view
Business Trends
image

As predicted, the OPEC meeting in Vienna yielded an extension of the current supply freeze deal from March 31, 2018 to December 31, 2018. This had been telegraphed well in advance of the meeting; in response to the official announcement, Brent prices slipped slightly – a sign that traders were disappointed that a more aggressive deal did not emerge.

There is signs for cheer, though. OPEC managed to get Libya and Nigeria – exempt from the last round of cuts – to agree to cap their 2018 output at a collective 2.8 mmb/d, which acknowledging the fact that both countries were still facing insurgent forces within their borders. All other OPEC production level limits will remain in place; compliance to the deal has been unusually high by OPEC standards, and despite geopolitical squabbles, OPEC’s oil ministers are at least united. Compliance among the NOPEC bloc, however, has been spottier. With countries like South Sudan announcing plans to increase output well above the rates agreed to in June, it is unlikely that NOPEC will meet its (voluntary) production commitments.

But even with that, there is evidence that the global supply glut is reducing. With world economic growth estimates trending more positive for 2018, OPEC itself thinks the market will reach balance by mid-2018. Which is why major OPEC nations including Iraq and Iran insisted on language that allowed OPEC to revisit or even retire the deal in June 2018, should the market tighten. With disruption risks ongoing in Libya and Nigeria, Venezuela on the verge of default and the Middle East embroiled in a political standoff, overheating could come even sooner. At the meeting, Russia insisted that OPEC develop a clear exit strategy from the deal, evidence that OPEC is not considering an extension into 2019. Even US shale producers are seeing the signs, issuing warnings that aggressive expansion could reverse all the good the OPEC deal has done and create another price crash. The extension of the deal is necessary, for now, but it clear that the oil world needs to start preparing for a post-deal environment.

The current breakdown of the OPEC and Non-OPEC oil production deal

OPEC production level limit

  • Saudi Arabia – 10.058 mmb/d
  • Iraq – 4.351 mmb/d
  • Iran – 3.797 mmb/d
  • UAE – 2.874 mmb/d
  • Kuwait – 2.707 mmb/d
  • Venezuela – 1.972 mmb/d
  • Angola – 1.673 mmb/d
  • Algeria – 1.039 mmb/d
  • Qatar – 0.618 mmb/d
  • Ecuador – 0.522 mmb/d
  • Gabon – 0.193 mmb/d
  • *NEW Libya – 1.000 mmb/d
  • *NEW Nigeria – 1.800 mmb/d
  • TOTAL: 32.601 mmb/d vs (34.1 mmb/d average in 2016)
  • Total cuts of 1.499 mmb/d

Estimated Non-OPEC production level limit

  • Russia – 11.000 mmb/d (minus 300,000 b/d)
  • Mexico – 1.944 mmb/d (minus 100,000 b/d)
  • Kazakhstan – 1.650 mmb/d (minus 50,000 b/d)
  • Oman – 0.950 mmb/d (minus 45,000 b/d)
  • Azerbaijan 0.750 mmb/d (minus 35,000 b/d)
  • Malaysia – 0.665 mmb/d (minus 35,000 b/d)
  • Equatorial Guinea – 0.185 mmb/d (minus 12,000 b/d)
  • South Sudan – 0.130 mmb/d (minus 8,000 b/d)
  • Sudan – 0.120 mmb/d (minus 4,000 b/d)
  • Brunei – 0.110 mmb/d (minus 7,000 b/d)
  • Bolivia – 0.060 mmb/d (minus 4,000 b/d)
  • Bahrain – 0.040 mmb/d (minus 12,000 b/d)
  • TOTAL: 17.604 mmb/d vs (18.216 mmb/d average in 2016)
  • Total cuts of 0.612 mmb/d

Read more:
OECD Brent WTI Russia Saudi Arabia
3
2 0

Something interesting to share?
Join NrgEdge and create your own NrgBuzz today

Latest NrgBuzz

Funko Action Figures: Collectible Figurines

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.


May, 25 2022
Asset Works - Fleet Management Software

Asset Works FleetFocus fleet management software is a powerful solution designed to help asset- and infrastructure-intensive organizations control costs and streamline operations. By tracking vehicle location and maintenance history, fleet managers can extend the useful life of their fleet and prevent costly downtime. With preventive maintenance scheduling, work order and labor tracking, and parts and inventory tracking, FleetFocus helps fleet managers maximize efficiency while minimizing expenses. As a result, Asset Works fleet management solutions deliver industry-leading value for fleet managers around the world.

Support: [email protected]


May, 24 2022
Where to buy your Gun Parts from?

It is important to know where to gun parts from. There are many places you can buy them from, but it is important to choose the right place so that you get the best quality and service. There are many places where you can buy gun parts from. You can buy them from gun stores, online retailers, and even at a flea market.



One of the best places to buy gun parts from is Always Armed.They have a wide range of products available, they offer great customer service, and they have convenient shipping options.



Buying gun parts can be a difficult task. There are many different types of firearms and there is a huge variety of gun parts. The right place to buy gun parts depends on what you are looking for and what kind of firearm you have.



If you are looking for a specific part, then your best bet is to search online. You can find the part that you need at an affordable price and it will be delivered right to your door. If you want to save time, then this is the best option for you. If not, then your local gun store might be the best option for you because they have many different types of firearms as well as all kinds of other equipment that might come in handy for hunting or shooting sports.



When it comes to buying gun parts, you need to be very careful. There are a lot of scams out there and some companies just want to take your money and never send you the goods. 

May, 20 2022