Oil Production Agreement by OPEC and Non-OPEC CountriesOil Production Agreement • December 27th, 2016
The Organization of the Petroleum Exporting Countries (OPEC) along with the non-OPEC oil producers have recently reached an agreement, the first such deal since 2001, to a combined oil production cut of around
ContractOil Production Agreement • March 22nd, 2016
What’s Inside On The Platter Integrated Oil & Gas (The Freeze: Significantly Meaningful)The major oil producers are to meet on 17 Apr in Doha, Qatar. We believe that it is more likely than not that some sort of agreement is to be announced, providing further support to oil prices. The agreement comes at a time when shale oil producers’ retrenchments are severe enough that a rapid price response may now be difficult. However, a sustained oil price of USD45/bbl and above could entice such producers to come back on line. The freeze, should it happen, could put on hold 2.4mbpd of future OPEC production. This agreement is significant enough to be meaningful. Media Highlights♦ Government pitch to win back investors♦ JAS 4G default makes history♦ NLA approves tariff cuts for 524 IT items♦ KTB urges Thai SMEs to venture abroad♦ More staff reductions planned for Thai Airways
A Historic Agreement to Reduce Oil ProductionOil Production Agreement • April 19th, 2020
The understandings led by the United States, Russia, and Saudi Arabia to cut oil production are the principal multilateral measure aimed at stabilizing the global economy during the coronavirus crisis. It is expected to revive OPEC+ and build the initial infrastructure for strengthening the cartel's influence on the entire energy market. Despite the conflicting interests of the respective parties and the loose nature of the agreement, the common economic distress should help to maintain compliance in the coming months. If the crisis persists, it is possible that the understandings will evolve into an institutionalized mechanism that will contribute to less confrontational political discourse among the superpowers. The United States, Russia, and Saudi Arabia can regard the agreement as an achievement. President Trump demonstrated leadership in the international arena, and alleviated the pressure on the American oil industry. President Putin proved the importance of Russia for the global
OPEC and Russia agree on further cuts in oil produc- tion. Over the past three years, Russia has worked closely with OPEC members in a number of voluntary agreements to restrain crude oil production and stabilise prices. Partly as a result of the...Oil Production Agreement • December 13th, 2019
At the beginning of 2017, OPEC members, Russia and sev- eral other non-OPEC producer countries (a group sometimes referred to as “OPEC+”) agreed to voluntarily reduce their combined output by about 1.7 million barrels a day. Under the deal, Russia was obliged to cut its daily production by 0.3 mil- lion barrels. The agreement was later extended several times through June 2018. Russian oil production rose to a record- high level in autumn 2018, but the countries met again and agreed to reinstate roughly 1.2 million barrels in cuts from the start of 2019.
