The most popular OPEC production reduction agreeme

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OPEC production reduction agreement or for several years

opec production reduction agreement or for several years

August 17, 2017

[China coating information]

Reuters reported on Wednesday (August 16, 2008, jgj70 basic performance test method for building mortar) that since the beginning of the production reduction agreement between OPEC and Russia, it was expected to be realized within half a year, but the current situation may take several years. OPEC and other production reduction countries plan to end the production reduction next spring, nine months later than expected. However, the oil price remains low. According to the IEA data, even by the end of 2018, the global inventory is still surplus. Esai, an energy research firm, predicts that the depletion of crude oil inventories will take years, not months

Neil Atkinson, head of IEA's oil market industry, said in a Bloomberg TV interview: "they will have to enter the long march of fuel consumption. Rebalancing the oil price is a difficult process. "

due to the invalidation of the impact of the production reduction agreement on inventory consumption, the experimental data of London oil price in 2017 dropped by 10% more accurately. OPEC, Russia and other oil producing countries will meet in November to discuss whether to continue to promote after the spring of 2018.

affected by the recovery of production capacity in exempt countries Libya and Nigeria and the increase of shale oil production in the United States, the effectiveness of the production reduction agreement is weakened. According to the prediction of the U.S. government, shale oil production will increase to an all-time high next month.

Therefore, according to the IEA report on August 11, OPEC's daily output of 32.8 million barrels in July has exceeded the amount of oil required for most of next year. In this regard, OPEC may further expand the original plan to reduce inventory to the 5-year average

esai consultants also said that there are still hidden dangers in the long run. It is expected that the oil production in the United States will continue to increase in the next five years. German reprap shows how to process liquid materials in lam3d printers, while the growth of global oil demand will be weakened. New demand for petrochemicals will come from natural gas

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