OPEC oil production innovation high oil oil rose to 16 months high

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Original title: OPEC oil production innovation high oil oil rose to 16 months high

Business News December 06

Reuters survey found that OPEC crude oil production hit a record high in November. OPEC reached an agreement on production cuts at the end of last month. The rise in crude oil production means that OPEC's task of reducing production is even more arduous.

Last month, OPEC reached its first production reduction agreement in eight years, which will reduce production by about 1.2 million barrels per day. The new production target is 32.5 million barrels per day. The production reduction agreement exceeded market expectations. The agreement aims to solve the global crude oil problem and end the crisis in the crude oil market since 2014.

Reuters surveyed shipping data and industry information found that in November, OPEC supply crude oil rose to 34.19 million barrels per day, higher than the daily level of 33.82 million barrels in October.

At the same time, crude oil prices did not fall and rose. On Monday, Brent crude rose above the $55 mark per barrel, setting a new 16-month high.

Next year's production reduction agreement is the reason for the continuous rise in oil prices. Since OPEC reached an agreement on Wednesday, Brent crude oil rose 19%, the highest increase in nearly eight years; WTI crude oil rose 16%.

SEB Chief Commodity Analyst Bjarne Schieldrop told Reuters: "Although some member states are used to cutting production cuts, OPEC's decision to cut production has eliminated many downside risks in 2017."

OPEC Secretary General Barkindo said on Monday that 14 non-OPEC oil producing countries were invited to participate in the December 10th meeting; OPEC explored dialogue with the United States, China and Russia.

He pointed out that OPEC's production cuts are aimed at restoring market stability, and each oil-producing country still has room to increase production. The expert group formed by OPEC and non-OPEC oil producers will supervise the reduction of production, and OPEC hopes to achieve equilibrium prices. Oil producers will assess the impact of production cuts after six months.

It is worth noting that important non-OPEC oil-producing countries have also agreed to cut production, with a total reduction of 600,000 barrels per day, of which Russia's production reduction is 300,000 barrels per day. This is the first time in 15 years that Russia has participated in OPEC production cuts.

(Article source: Wall Street sees)

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