Reducing production is a learning process

Huitong Network3month20Daily News - An Industry insider Last Friday(3month17day)This year2month11Non Organization of the Petroleum Exporting Countries(OPEC)The implementation rate of production reduction in oil producing countries is64%This data is still belowOPECThe implementation rate of production reduction agreements by oil producing countries.

Production Reduction Supervision Committee: NonOPECoil-producing country2The implementation rate of monthly production reduction is64%

2016Year,OPECOil producing countries have reached production reduction agreements with Russia and other oil producing countries, and have decided to2017Year from1month1Starting from the day of production reduction18010000 barrels/Day, to change the oil marketcrude oilThe situation of oversupply.

Saudi Minister of Energy Fateh(Khalid Al-Falih)Last Thursday(3month16day)Call on oil producing countries that have joined the production reduction agreement to further fulfill their production reduction commitments. And vowed that Saudi Arabia will continue to reduce production in excess.

In addition, Falkh also stated that for some countries, reducing production is a learning process. Saudi Arabia hopes that those countries can reduce production faster and keep pace with other countries.

Member States of the Production Reduction Supervision Committee——OPECOil producing countries such as Kuwait, Venezuela, and Algeria, and AfricaOPECOil producing countries such as Russia and Oman met in Vienna last Friday.

Russian Energy Minister Novak(Alexander Novak)Last Friday, it stated that it will further comply with the production reduction agreement. Russia3Monthly production will be reduced2010000 barrels/Day. reach4At the end of the month, Russia will reduce production3010000 barrels/Day, will maintain production reduction3010000 barrels/Day to Day6end of month.

In addition, Falkh has stated that Russia2017 The rate of crude oil production reduction in the first two months of the year was slower than market expectations, but Russia's2017year3The month accelerated the process of reducing production. Currently, Saudi Arabia has the largest share of production reduction.

The meeting held last Friday also discussedOPECImplementation of production reduction agreements by oil producing countries. The meeting stated that,OPECOil producing countries2The implementation rate of production reduction in the month has reached106%, compared to last Tuesday(3month14day)PublishedOPECThe data in the monthly report is consistent.
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