OPEC

Old Sep 29th 2016, 8:18 am
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Default OPEC

So, they've apparently agreed to cut production....not by much and it's not finalised until the November meeting but must assume it's really hurting KSA at the moment.
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Old Sep 29th 2016, 8:27 am
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Default Re: OPEC

Originally Posted by Scamp
So, they've apparently agreed to cut production....not by much and it's not finalised until the November meeting but must assume it's really hurting KSA at the moment.
IF it happens it's only a cut of between 250,000 and 750,000 a day and Iran, Libya and Nigeria are exempt and will take up the slack.

Russia is increasing by about 2.5% a month (250,000)

So all in all production will keep going up but Saudi, UAE, Qatar will lose market share.

Can't see them putting pen to paper on that one.
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Old Sep 29th 2016, 8:29 am
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Default Re: OPEC

Originally Posted by lightandbitter2
IF it happens it's only a cut of between 250,000 and 750,000 a day and Iran, Libya and Nigeria are exempt and will take up the slack.

Russia is increasing by about 2.5% a month (250,000)

So all in all production will keep going up but Saudi, UAE, Qatar will lose market share.

Can't see them putting pen to paper on that one.
Have Iran hit their output target yet? I know they wanted to be back to pre-sanction levels and assume the Saudi's driving the price down is to hurt them as much as possible...?
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Old Sep 29th 2016, 8:37 am
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Default Re: OPEC

Originally Posted by Scamp
Have Iran hit their output target yet? I know they wanted to be back to pre-sanction levels and assume the Saudi's driving the price down is to hurt them as much as possible...?
They are at about 2 million a day. Depends who you believe but they say if Russia keeps supplying them the infra and parts they need and China keeps buying then they could get up to 4 million a day fairly quickly.

That makes the OPEC cut look irrelevant, and none of it traded in USD which is mostly what this is all about
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Old Sep 29th 2016, 8:41 am
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Default Re: OPEC

Originally Posted by lightandbitter2
They are at about 2 million a day. Depends who you believe but they say if Russia keeps supplying them the infra and parts they need and China keeps buying then they could get up to 4 million a day fairly quickly.

That makes the OPEC cut look irrelevant, and none of it traded in USD which is mostly what this is all about
Interesting.

It feels like a positive step but as you've suggested, a bit more smoke and mirrors to cover any real changes. Lots of different agendas.
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Old Sep 30th 2016, 7:49 am
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Default Re: OPEC

Originally Posted by lightandbitter2
IF it happens it's only a cut of between 250,000 and 750,000 a day and Iran, Libya and Nigeria are exempt and will take up the slack.

Russia is increasing by about 2.5% a month (250,000)

So all in all production will keep going up but Saudi, UAE, Qatar will lose market share.

Can't see them putting pen to paper on that one.
Nigeria is struggling to export any oil. Only just come back on flow.
Separatists in the delta keep attacking the pipelines. Comparatively peaceful at the moment but doubt that will last.
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