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Cheers Kotb, I read duff info somewhere this morning. That's not great then because Qatar certainly won't be doing anything to help cut production, they'll be wanting to ramp up as the US gas available for exports dwindles.
Never mind. Good news Russians and Saudis behaving nicely towards each other and OPEC + meeting bought forward with all agreeable.
No objections for OPEC+ meeting being brought forward by Russia. Hopefully agreement settled for extending cuts. Roll on Thursday
Nico,
"We buy most of our gas from Russia and the US..."
Think you find that the primary importer is Qatar, who are not part of OPEC and as such have been at full production, but yes, Russia and US combined I believe may well be.
atb
Agree Sparky, gas is the future and AA knows it. Even ardent eco warriors have to admit that the world needs it for heating and cooking. It is also either a lot cleaner than any of the alternatives or a lot cheaper and for many people in the world living hand to mouth, that is key.
If WTI hovers below $40 for another 6 months and the majority of Permian frackers will be out of business, at least temporarily. We buy most of our gas from Russia and the US. Not only will the US have less to export, the price should rise quite nicely as well.
NewKOTB, maybe the 28% was including the additional cuts SA and Oman and UAE said they'd implement in June. That was >1mbopd.
Sorry, it's 23% not 28% .... after which I think they reduced their production cut to 18% until end of year, then into 2021, I think it was 8 % until April 2022, (have to dig out my figures to confirm as my memory is not as it once was... :-( )
Here's the official OPEC agreement : Adjust downwards their overall crude oil production by 9.7 mb/d, starting on 1 May 2020, for an initial period of two months that concludes on 30 June 2020. For the subsequent period of 6 months, from 1 July 2020 to 31 December 2020, the total adjustment agreed will be 7.7 mb/d. It will be followed by a 5.8 mb/d adjustment for a period of 16 months, from 1 January 2021 to 30 April 2022. The baseline for the calculation of the adjustments is the oil production of October 2018, except for the Kingdom of Saudi Arabia and The Russian Federation, both with the same baseline level of 11.0 mb/d. The agreement will be valid until 30 April 2022, however, the extension of this agreement will be reviewed during December 2021.
We just need LNG imports to slow down to support gas prices. Just in time for Arran production.
I would guess continued cuts until 2021. Let’s hope so.
MTS, rumor has it, Opec+ producers may meet six days earlier than planned on Jun. 4
Also that SA has cut MORE than they said they would in May too.
Earlier meeting to me signals the possibility to continue the 28% cuts beyond June rather than stick to the phased increase as planed in April.
My guess is they need the extra time to convince other members that another 2 months held at 28% will be financially rewarding by moving POO up to circa $40-$45/barrel range.
aimo
Put these dates in diary for next OPEC meet. Falls in production are higher than anticipated. RRE will bloom over coming months....;0))))