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Production Quotas

All articles tagged with #production quotas

energy2 years ago

Angola's Departure from OPEC Sends Shockwaves through Oil Market

Angola has announced its decision to leave the Organization of the Petroleum Exporting Countries (OPEC) due to a disagreement over oil production quotas. The country's Mineral Resources and Petroleum Minister stated that remaining in OPEC would require Angola to cut production, which goes against its policy of avoiding decline and respecting contracts. OPEC has implemented significant supply cuts to support oil prices, and last month, the wider OPEC+ group agreed to a further voluntary cut in production. Angola's exit is a setback for OPEC, although its output is relatively small compared to the entire group.

via DW (English)|
#angola#disagreement#energy
energy2 years ago

China growth concerns push oil prices down over $1.

Global oil prices fell over $1 as concerns over China's economy outweighed OPEC+ output cuts and the seventh straight drop in the number of oil and gas rigs operating in the United States. China's economic uncertainties may have caused the selloff after a two-day rebound in oil markets ahead of The People's Bank of China's (PBOC) decision on its loan prime rates (LPR) this week. OPEC+ is expected to struggle to get compliance with production quotas, and Rosneft is suggesting the cartel of oil producers focuses on exports and not production.

via Reuters|
#china#economic-uncertainty#energy
energy2 years ago

Russia's export structure puts it at a disadvantage against OPEC+ according to Rosneft's Sechin.

Igor Sechin, the head of Rosneft, has said that Russia is losing out to other OPEC+ countries due to a smaller share of its oil production being exported. Sechin proposed that OPEC+ should monitor not only production quotas but also oil export volumes, given the different sizes of domestic markets. Currently, OPEC+ regulates only production, not exports. Sechin also noted that it was more difficult for OPEC countries to find common ground due to differences in economic structure and oil production.

via Reuters|
#energy#global-oil-market#oil-exports