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Page added on March 26, 2017

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OPEC Warns Members to Comply With Oil-Production Cuts

Production

OPEC officials on Sunday urged member nations to cut their oil production in line with an agreement last year, warning that the petroleum market would remain depressed if they didn’t.

Members of the Organization of the Petroleum Exporting Countries, the 13-nation oil cartel that controls a third of global production, need to take compliance with a cut of 1.2 million barrels a day “very seriously,” said Kuwaiti Oil Minister Issam A. Almarzooq, chairman of the group’s committee overseeing compliance.

“More has to be done,” Almarzooq said in a speech distributed by OPEC. “We need to see conformity across the board. We assured ourselves — and the world — that we would.”

Oil prices rose 20% initially after OPEC’s production-cut deal was announced Nov. 30 and those gains were sustained when 11 countries outside the cartel, including Russia, the world’s largest producer, joined the effort with pledges to cut a total of 558,000 barrels a day. But oil prices have fallen in recent weeks as doubts grow among oil traders that OPEC’s cuts are enough to bring a vast oversupply of petroleum back in line with demand.

MarketWatch



16 Comments on "OPEC Warns Members to Comply With Oil-Production Cuts"

  1. Sissyfuss on Sun, 26th Mar 2017 11:54 pm 

    I think somebody’s got em by the “Short” hairs.

  2. Midnight Oil on Mon, 27th Mar 2017 12:19 am 

    Bensen, Burton, Bozo and Buster 2nds that motion Sissyfuss. Ain’t that so marmico?

  3. Cloggie on Mon, 27th Mar 2017 2:53 am 

    Desperate measures to attempt to increase revenue by trying to increase the oil price.

  4. Davy on Mon, 27th Mar 2017 7:03 am 

    It seems it is not just the US with a debt ceiling ahead and potential financial consequences. For those of you who don’t relate to financialization of globalism or emotionally believe China is the next great economic power, this long boring report is exposing the other side of the debt coin. Taken together, Sino American debt crisis, is the death knell of globalism. What comes next is anyone’s guess.

    On The Edge Of An “Uncontrollable Liquidity Event”: The Definitive Guide To China’s Financial System
    http://tinyurl.com/k48ds8u

    “While most traders over the past month have been obsessing over developments in Washington, the real action – most of it under the radar – has played out in China, where as discussed over the past few weeks, domestic liquidity has tightened notably, culminating with an unexpected bailout by the PBOC of various smaller banks who defaulted on their interbank loans as interest rates, particularly on Certificates of Deposit (CD) – which have become a preferred funding conduit for many Chinese banks – but not only, spiked. Ironically, these mini PBOC bailouts took place only after the PBOC itself decided to tighten conditions sufficiently to choke off much of the shadow debt funding China’s traditional banks.”

    “But all those events in isolation seem as merely noise against what otherwise appears to be a relatively benign, even boring, backdrop: after all, neither China’s stock, nor bond markets, has seen even remote volatility in recent months, and certainly nothing compared to what was experienced one year ago, when the Chinese turmoil nearly led to a bear market across developed markets. Then again, maybe the markets are simply once again behind the curve due to all the inherent complexity of China’s unprecedented, financialized and extremely complex pre-Minsky moment ponzi scheme.”

    “Last last week, Deutsche Bank analysts led by Hans Fan released what is the definitive research report summarizing all the latest troubling trends facing China, which judging by capital markets, nobody is paying any attention to. They should, because as Deutsche Bank puts it, if taken too far, they threaten an “uncontrollable liquidity event”, i.e., the financial cataclysm that Kyle Bass and other perma-china-bears have been waiting for. And, as usual, it all started with rising interest rates, which in turn is leading to increasing funding pressure, which if left unchecked, could lead to dire consequences for China’s underfunded banking system.”

  5. Cloggie on Mon, 27th Mar 2017 7:23 am 

    What will come is the Big Reset:

    https://deepresource.wordpress.com/2014/11/14/the-big-reset/

    Some time, somewhere a major player will default (Greece, Italy, Fannie and Freddie yet again [*]) and stop servicing debt and this default will cascade throughout the global system with ever more parties tempted to stop repaying debt.

    That will be the end of the dollar system and any other fiat currency for the time being. After re-nationalization, diverse nations will reintroduce national fiat currencies, which work fine as long as money printing by the central bank does not cause inflation of say more than 2%.

    For international trade you will need a gold-backed currency.

    [*] – https://www.lewrockwell.com/2017/03/doug-french/fannie-freddies-new-bubble/

  6. Davy on Mon, 27th Mar 2017 7:42 am 

    You problem cloggie is just like with alternatives you just assume life will self-organize in progress. You skip the traumatic in-between world of failure from system transformation. Anyone can skip through reality to a fantasy future. The really hard part is accepting all may be lost or a vastly different result may occur. Your techno human exceptionalism and new Euro world order is just your emotional response to the many dangerous predicaments on modern civilization’s plate. You are here every day because you try to find optimism in refuting pessimism. I am neither. I am a realist that sees the failure and acknowledges it. You are emotionally tide to techno human progress. You discount or dismiss its resulting destruction. You are the quintessential human modern who has a diehard belief in the manifest destiny of our species because of intellect. Intellect is the handmaiden of collapse is more like it.

  7. Cloggie on Mon, 27th Mar 2017 8:12 am 

    You problem cloggie is just like with alternatives you just assume life will self-organize in progress.

    Guilty as charged. Don’t see the problem.

    You skip the traumatic in-between world of failure from system transformation.

    I don’t, I know very well that between the current order and the one I promote…

    https://s17.postimg.org/6wwnomfpb/worldmap.jpg

    … (in the wake of Samuel Huntington) there is (potentially) a world of hurt.

    There have been other world’s of hurt in the past. The big ones with millions killed:

    Fall Roman empire
    30 years war
    WW1
    Bolshevik revolution
    WW2
    Chinese cultural revolution

    …but in all cases life recovers again. Always.

    The really hard part is accepting all may be lost or a vastly different result may occur.

    If all the nukes fly, you are right. But perhaps they don’t (no guarantees). And yes, the next order will probably deviate from what I think will happen.

    Your techno human exceptionalism and new Euro world order is just your emotional response to the many dangerous predicaments on modern civilization’s plate.

    At least it’s a constructive response.

    I am a realist that sees the failure and acknowledges it.

    But what is your vision for the future? What is worth promoting, other than private prepping?

    You are emotionally tide to techno human progress.

    I don’t believe in liberal progress, as was promoted over the last 250 years or so. I’m far more interested in preserving our DNA than in Windows 20.

    You are the quintessential human modern who has a diehard belief in the manifest destiny of our species because of intellect.

    Can’t deny that I’m no stranger to a certain Messianism indeed and obviously not one of a Christian, Islamic or Jewish variety. Although I would never use the term my self, if you would call that “Aryanism”, I would not protest. At some point in time everything “fails”. Everything has a limited life span. What matters is what happens between birth and death. We are for instance still talking about the Romans, not about what happened in Africa 2000 years ago.

  8. Cloggie on Mon, 27th Mar 2017 10:12 am 

    Coal fueled power stations update:

    In Western Europe there is currently only one under construction. It could be the last ever in Europe.

    In 2016 worldwide, that number of new coal power station construction has more than halved as compared to 2015.

    In Europe since 2010, 116 planned new power stations were cancelled.

    India and China are stepping on the brakes. China has 2769 coal power stations operational. 283 are under construction, but meanwhile 669 have been closed down and plans for 271 new ones are cancelled. In and around big cities the preference is for renewable sources.

    India similar figures: 889 operational, 93 under construction, 130 closed, 526 planned cancelled. India also prefers wind and solar.

    Poland remains coal minded. 179 operational, 5 under construction.

    https://www.trouw.nl/groen/is-de-nieuwe-kolencentrale-in-duitsland-de-laatste-in-west-europa-~ae334550/

  9. joe on Mon, 27th Mar 2017 10:27 am 

    Wait till next week Cloggie, after Brexit this week dont you think the system will wobble? You think anyone is really ready for a pillar of the EU to kick itself out? Everyone is asleep but allot of things are aligning, the shia ban, the tightening the borders, the electronics ban, the attack on ISIS in Raqqa and Mosul….
    The times are a-changin.

  10. Cloggie on Mon, 27th Mar 2017 11:00 am 

    There is not going to be a Brexit this week. Perhaps in two years, which is what I hope.

    The best that could happen: Turkey and Britain out, Russia and Scotland and the City in.

    What will happen this week is a Brexit *application*. This gives us the opportunity, with Britain out of the way, to finally set up an EU army.

    But again, Brexit was merely 52-48. There were large demonstrations a few days ago in London against Brexit. First see, than believe.

    But I agree with you, it is nice to dream of a EU without Britain, that as you yourself admit, is not European at all, but the quintessential anti-Europe.

    Good luck with your Muslims.

    http://tinyurl.com/k4s6fx6

    http://www.informationliberation.com/files/london_fallen_khan.png

  11. Plantagenet on Mon, 27th Mar 2017 2:10 pm 

    OPEC needed help to create the current oil glut, and they will need help to end it.

    Cheers!

  12. Anonymous on Mon, 27th Mar 2017 7:54 pm 

    Yes, plantatard, the ‘sauds’ were behind it all. Wait, are you sure it wasn’t ‘obama’ that masterminded the entire affair? Gave them their marching orders as it were?

    Cheerio, retard.

  13. onlooker on Mon, 27th Mar 2017 7:59 pm 

    Sorry were you talking about 911, oh never mind haha

  14. joe on Mon, 27th Mar 2017 11:44 pm 

    Yeah, its funny, Germany and Holland seem to have this problem of direct threats from an ‘ally’.

    http://www.independent.co.uk/news/world/europe/turkey-erdogan-germany-netherlands-warning-europeans-not-walk-safely-a7642941.html

    Good luck with YOUR muslims.

  15. Cloggie on Tue, 28th Mar 2017 2:24 am 

    Yeah, its funny, Germany and Holland seem to have this problem of direct threats from an ‘ally’.

    Why is a row with Turkey a “problem”?

    It is a nice first step to finally get rid of the Turkish Allah bots completely.

    Remember that it has always been Britain that was pushing for full Turkish membership of the EU, with no other intention than to ruin the EU from within, after which Britain would have withdrawn laughingly anyway. That intention failed. Britain leaves and Turkey remains outside, leaving Russia as the next logical partner for Europe and set up a necessary geopolitical counterweight against rising China. And there is nothing Britain can do about that. Wonder who Britain’s new buddy is going to be. Communist China, just like communist USSR since 1934?

    http://tinyurl.com/hrz6jpn

    pdf, UK ambassador Ivan Meisky memoirs, p55, bottom paragraph.

    Churchill offering a behind-the-back-of-Chamberlain alliance to this Soviet Jew in 1934:

    Why should we not join forces to combat our common enemy?… For the sake of the British empire… I’m ready to cooperate with the Soviets.

    At that time Churchill was already in bed with US Jews about the desirability of the destruction of Germany and (en passant) Europe.

    There are now going to be some scores settled, joey-boy. Your queen may dream of the reintegration of America in a British Commonwealth…

    https://www.rt.com/uk/378513-commonwealth-us-farage-trump/

    …I am telling you that (T)rump-America is going to be integrated in Paris-Berlin-Moscow instead, because we have the numbers (660 million) to get the job done.

    https://s17.postimg.org/6wwnomfpb/worldmap.jpg

    Continental Europe kicked the British out of America in 1776-1783. Now continental Europe is going to kick out another obstinate group from Heartland USA (hi Apneaman, hi George!), reducing the reach of Anglo-Zionism to Greater London.

    Oh wait, has already been taken by Islam. What are you going to do about it? Send in Dad’s army?

    https://www.youtube.com/watch?v=ctdVU5BHOlI

  16. joe on Tue, 28th Mar 2017 8:57 am 

    “What are you going to do about it? Send in Dad’s army?”

    At least we have one mate, you only have your stupidity, and of course your antisemitism.

    Dont see too many clog wearing dope smokers in Mosul mate, you guys are too busy getting stoned and jerking off.

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