• Hosted by Branzone
  • PayPal Donate

Non-OPEC countries agree to cut oil production by 558,000 barrels per day

Submitted by: Odio @ 03:13 PM | Saturday, December 10, 2016 | (url: https://www.rt.co...)

Non-OPEC countries agreed to cut oil production by 558,000 barrels per day (b/d) during a meeting with members of the Organization of Petroleum Exporting Countries (OPEC) in Vienna.


Among the non-OPEC participants at the meeting were 12 oil exporting countries Azerbaijan, Oman, Mexico, Sudan, South Sudan, Bahrain, Malaysia, Equatorial Guinea, Bolivia, Kazakhstan and Russia.

The 558,000 b/d figure was voiced by Qatar's energy minister at a press conference following the six hour long talks.

OPEC members also confirmed their commitment to the plan to reduce the oil supply by 1.2 million b/d. This, together with the commitments made by non-OPEC states, would lead to the total reduction of oil production by about 1.7-1.8 million b/d, Russian Energy Minister Aleksandr Novak said at the press conference.

Saudi Minister of Energy, Industry and Mineral Resources Khalid Al-Falih told the press conference that 2017 would be a good year for the global oil market.

The parties to the negotiations also agreed to form a special group to monitor the observance of the agreement both by the OPEC and non-OPEC countries. The group would consist of three OPEC members and two non-OPEC countries, Novak said.

"This agreement cements and prepares us for long-term cooperation," Saudi Energy Minister Khalid al-Falih told reporters after the meeting, calling the deal "historic".

"Today's deal will speed up the oil market stabilisation, reduce volatility, attract new investments," Novak said.

The deal became the first such agreement between OPEC and non-OPEC countries since 2001. In April, OPEC and Russia tried to reach a deal on oil production which was cut during negotiations in Doha, but failed to come to an agreement, as Saudi Arabia sunk the deal at the last moment.

OPEC made a decision to cut its own output on November 30.


Category: Technology | 38 Comments
Tags: oil

12-10-16 - 03:27 PM
drill baby drill

good news for all the big banks that went full retard on energy investments.

Wells Fargo's Total Energy Exposure Is $42 Billion, Twice What You Thought - TheStreet
12-10-16 - 03:28 PM
gas prices going to rise as obama is leaving, then trump is going to get them down to reasonable levels and everyone will love him for it.
12-10-16 - 04:50 PM
This all ties to Syria. Saudi and Qatar are seeing their hopes of a trans-Arabian pipeline fizzle because Clinton lost, so they are giving up trying to squeeze Russia's energy economy. The only thing that surprises me is how quickly this is happening.
12-10-16 - 04:57 PM
Originally posted by Dangerdoggie  
drill baby drill

good news for all the big banks that went full retard on energy investments.

Wells Fargo's Total Energy Exposure Is $42 Billion, Twice What You Thought - TheStreet


Wonder if that doesn't have something to do with Wells Fargo's rampant opening of lines of credit that their customers didn't even know about.

http://money.cnn.com/2016/09/16/technology/wells-fargo-lawsuit/
12-10-16 - 05:01 PM
ofn
12-10-16 - 05:02 PM
let them cut production. We have been bringing rigs back on line already this month, and last month.

They can't stop the shale rush
12-10-16 - 11:05 PM
Originally posted by Pirate Steve  
let them cut production. We have been bringing rigs back on line already this month, and last month.

They can't stop the shale rush


Yeah considering fracking is all-around toxic across the board, and I'm sure another oil rig spill will NEVER happen.

We're either going to convert to clean energy (we won't) or let the big energy continue to drill/frack oil and gas until the land is dead (we will).
12-10-16 - 11:18 PM
Originally posted by Odio  
gas prices going to rise as obama is leaving, then trump is going to get them down to reasonable levels and everyone will love him for it.
gas has been down at sub-$2.25 for over a year (in Boston), how is that not a reasonable price based on what we've been accustomed to since katrina?
12-10-16 - 11:49 PM
not good enough.
12-11-16 - 12:51 AM
1.89 for the last 18 months here
thanks obama

hasnt been this low since clinton
12-11-16 - 12:56 AM
Originally posted by Feannag  
Yeah considering fracking is all-around toxic across the board, and I'm sure another oil rig spill will NEVER happen.

We're either going to convert to clean energy (we won't) or let the big energy continue to drill/frack oil and gas until the land is dead (we will).


I know, why don't we use all that clean energy production that doesn't exist yet?

It's almost like we still need to produce energy until the clean stuff is workable
12-11-16 - 12:59 AM
Originally posted by Vlasic  
I know, why don't we use all that clean energy production that doesn't exist yet?

It's almost like we still need to produce energy until the clean stuff is workable


Clean stuff has been workable for at least 4 - 5 years now (or longer). Hell in South America they have largely been converted to bio-fuel since turn of the millennia or so.

The PROBLEM is a combination of big energy kicking money to Congress to pass bills to keep them in business and using the media to convince the public we still are dependent on oil. Throw onto THAT heap the whole bullshit with the Middle East where we are mostly involved to 1. Secure more oil for us 2. Keep oil out out of hands like China and Russia and 3. keep the area destabilized to prevent other nations and the Middle East themselves from using them to be a first world power.
12-11-16 - 01:06 AM
My stocks are going to love this come Monday.
12-11-16 - 01:12 AM
Originally posted by DocHolliday  
My stocks are going to love this come Monday.


I wonder if we're going to turn into the "French Revolution" in the next four years where the poor just start looting rich people's places and lynch them. Granted there isn't really any physical wealth left like precious metals and such, but I'm sure it wouldn't be about that then.
12-11-16 - 02:09 AM
I still pay 3.10/gal so fuck the lot of you
Login to comment.