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Production Cuts


Production Cuts Start Early for These Two

By: Dalton Ordway / Posted on: April 28, 2020

OPEC+ came to an agreement earlier this month to institute record-breaking production cuts of nearly 10 million barrels per day. The production cuts were set to take effect on May 1st, but some members have taken it upon themselves to start earlier. Kuwait and Saudi Arabia have both made the decision to start scaling back production to work towards the production cut goal. Saudi Arabia has scaled back production from 12 million barrels per day(bpd) over the weekend to reach its goal of 8.5 million bpd.  Kuwait is OPEC’s fourth largest producer and they have also made the decision to start the cuts early. Kuwait’s Oil Minister Khaled Al-Fadhel said that starting the cuts early was because they felt a responsibility to address the market conditions.

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Russia Considers Cutting Production

By: Jon Babyak / Posted on: February 7, 2020

In an attempt to curtail the downward plunge of global oil prices, Russia is considering supporting cuts among OPEC and its partners.  On Thursday, Sergey Lavrov, Russia’s top diplomat, confirmed Russia’s support for production cuts following a conversation between President Putin and the King of Saudi Arabia.  However, Energy Minister Alexander Novak said on Friday that Russia needs a few days analyze the oil market and clarify its position. 

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Global travel restrictions encourage global fuel glut

By: Ryan Wolfe / Posted on: February 3, 2020

With global chatter circling around the latest mass scale respiratory ailment, the coronavirus, there is global glut of petroleum fuels.  Like SARS, in 2003, the coronavirus is thought to spread through respiratory droplets being transmitted form one person to another (i.e., sneeze or cough).  With the potential for person to person transmission being so high, major travel has been hindered by the fear of either spreading or acquiring the new virus.  With more than 17,000 cases already and growing, there is now concerns on how to handle the temporary glut of fuels in the market.

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OPEC Deepens Output Cuts

By: Dalton Ordway / Posted on: December 6, 2019

The OPEC meeting that concluded today in Vienna ended with ministers approving productions cuts for the first quarter of 2020. The cuts for OPEC+ will be increased from 1.2 million bpd to 1.7 million bpd.  A 500,000 bpd cut should be painless for the organization as they are currently at  over-compliance with the cuts as a group. Saudi Arabia has been carrying a large portion of the cuts to compensate for the group’s non-compliant members including Iraq, Russia and Nigeria. The group is now tasked with divvying up the cuts and enforcing the members compliance with the cuts.  

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