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Page added on October 19, 2018

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OPEC, allies struggle to fully deliver pledged oil output boost – internal document

Production

OPEC is struggling to add barrels to the market after agreeing in June to increase output, an internal document seen by Reuters showed, as an increase in Saudi Arabia was offset by declines in Iran, Venezuela and Angola.

FILE PHOTO: A man fixes a sign with OPEC’s logo next to its headquarters’ entrance before a meeting of OPEC oil ministers in Vienna, Austria, November 29, 2017. REUTERS/Heinz-Peter Bader/File Photo

The Organization of the Petroleum Exporting Countries and allies agreed in June to boost supply as U.S. President Donald Trump urged producers to offset losses caused by sanctions on Iran and to dampen rising prices.

Saudi Energy Minister Khalid al-Falih said OPEC and non-OPEC would pump roughly an extra 1 million barrels per day (bpd) following the June agreement. The OPEC document seen by Reuters adds to signs they have yet to deliver the full amount.

OPEC says it is on course to do so, although it hasn’t given a timeframe. “It is a work in progress,” OPEC Secretary General Mohammad Barkindo said earlier this week.

The internal document prepared by OPEC’s Vienna headquarters for a technical panel meeting on Friday showed that OPEC members, excluding Nigeria, Libya and Congo pumped an extra 428,000 bpd in September compared to May.

FILE PHOTO: gas flare on an oil production platform in the Soroush oil fields is seen alongside an Iranian flag in the Gulf July 25, 2005. REUTERS/Raheb Homavandi

The OPEC and non-OPEC technical panel called the Joint Technical Committee reviews producers’ compliance with their oil supply pledges.

Top exporter Saudi Arabia pumped most of the extra oil, raising output by 524,000 bpd in September compared to May, the document showed. Other increases came from Iraq, Kuwait and the United Arab Emirates.

Iran, facing U.S. sanctions on its oil exports from Nov. 4, cut production by 376,000 bpd in September versus May, and has said OPEC and Saudi Arabia are not able to make up for a total loss of its exports.

“There is no spare capacity,” Iran’s OPEC governor, Hossein Kazempour Ardebili, said last month.

Among other OPEC members, production fell by 189,000 bpd in Venezuela and by 17,000 bpd in Angola.

The non-OPEC nations cooperating with OPEC pumped an extra 296,000 bpd since May, the OPEC document showed. Russia increased output by 389,000 bpd, although Kazakhstan, Mexico and Malaysia posted declines.

Trump calls Fed his ‘biggest threat’

Nigeria, Libya and Congo are not included in OPEC’s supply-limiting pact. Including them brings the increase in OPEC’s output in September to 628,000 bpd.

Reuters



24 Comments on "OPEC, allies struggle to fully deliver pledged oil output boost – internal document"

  1. sevensec on Fri, 19th Oct 2018 12:43 pm 

    So maybe Matt Simmons was not so wrong about OPEC spare capacity after all(?)

  2. onlooker on Fri, 19th Oct 2018 12:53 pm 

    Depletion never rests

  3. JuanP on Fri, 19th Oct 2018 9:29 pm 

    Are we peaking as we speak? The peak may be for geopolitical reasons, specifically US actions against Venezuela and Iran. How much spare capacity is there now? Where are increases in production going to come from in the future? Is this the end of the line for the growth in extraction of liquid fuels?

  4. Cloggie on Sat, 20th Oct 2018 12:48 am 

    Belgium’s largest offshore wind park now under construction:

    https://www.vanoord.com/nl/nieuws/2018-bouw-grootste-offshore-windpark-van-belgie-gaat-van-start-met-compleet-vernieuwde-aeolus

  5. Cloggie on Sat, 20th Oct 2018 12:51 am 

    There is no “demand management” as effective as $150 oil.

    Order your turnkey offshore windpark in Europe now and avoid the rush.

  6. Davy on Sat, 20th Oct 2018 1:41 am 

    “There is no “demand management” as effective as $150 oil. Order your turnkey offshore windpark in Europe now and avoid the rush.”

    There neder goes trying to think economically with a warped mind buried in agenda. Neder, you do realize Europe owes its prosperity to exports these days at least the north? How are you going to build all these fancy expensive projects when your export economies are in shambles? The rest of the world that is buying your expensive Euro products will not be buying so much and your wonderful Euroland will be in economic difficulty. There won’t be hardly the “turnkey wind parks” you crow about, besides there is more to economic success than wind parks.

  7. Jaz on Sat, 20th Oct 2018 3:18 am 

    Cloggie

    Wind farms are replacing coal and nuclear power. Europe is increasing consumption of gas.

    https://www.bp.com/content/dam/bp/en/corporate/pdf/energy-economics/statistical-review/bp-stats-review-2018-full-report.pdf

    Do you know how many wind turbines Europe would have to install in order to power all transportation with batteries and hydrogen?

  8. Cloggie on Sat, 20th Oct 2018 3:27 am 

    “How are you going to build all these fancy expensive projects when your export economies are in shambles? ”

    Easy: lowering excessive hign salaries. No economic crash, induced by $150 oil, is going to stop us building that renewable infrastructure. America for instance was in a deep depression between 1928-1940, yet arrived at planetary pole position 5 years later.

    Americans like davy only recognise material values and get into panic mode about potential financial “collapse”, where in reality such a “collapse” is a secundary event, but a won war or new technology are primary events. Financial “collapse”/depression is merely bad news for retirees and family providers out of work. Society itself soldiers on. Those wind parks are going to be built, no matter what and $150 oil would be a great help for that.

    Just like Antius I am yearning for a good crisis that destroys the status quo (of empire and mass migration and too many young women wasting their lives on stupid careers). I had hoped peak oil would deliver but Heinberg hadn’t done his homework. /rolleyes

    Now Trump and Brexit offer a 2nd chance on major havoc.

  9. Cloggie on Sat, 20th Oct 2018 3:38 am 

    “Do you know how many wind turbines Europe would have to install in order to power all transportation with batteries and hydrogen?”

    EU = 300 GW 24/7/365 continuously
    300 GW/10 MW turbine = 30,000 10 MW offshore turbines.

    Add a factor 2 for 50% capacity factor, hence 60,000 turbines.

    Absolutely doable.

    And then there is onshore wind, solar, biomass, hydro, shared autonomous driving.

    In 2018 my Holland is using 3 times more electricity per capita than in the seventies, when we were also happy chappies:

    https://youtu.be/3FsVeMz1F5c

    All these feverish announcements of our immanent deaths are greatly exagerated.

    https://cleantechnica.com/2018/01/06/44-wind-denmark-smashed-already-huge-wind-energy-records-2017/

    This whole energy “predicament” is one giant but doable engineering challenge. Leave it to the Europeans to solve it.

    https://documents1940.wordpress.com/2017/09/26/origin-scientific-accomplishments/

    #RubbingMyTechieHands

  10. Davy on Sat, 20th Oct 2018 7:53 am 

    “How are you going to build all these fancy expensive projects when your export economies are in shambles? ” Easy: lowering excessive hign salaries. No economic crash, induced by $150 oil, is going to stop us building that renewable infrastructure. America for instance was in a deep depression between 1928-1940, yet arrived at planetary pole position 5 years later.”
    LOL, econneder, word of advice go out and get several books on systems and economics. It does not work that way neder. Anytime you have a higher order ecosystem that is near a climax as our human civilization is then it becomes brittle to change. These ecosystems then become extended with status quo narratives and without adaptation. This is our global human civilization. Add to our over extension a serious overshoot with population and the consumption of a portion of that population then you have the ingredients for a drop in population and economic activity. Once thresholds have been crossed bifurcation quickly turn to contagions and spread throughout a system like our full of dispersed risk. We are heading for the mother of all resets and you are tip toeing through the tulips thinking tech is going to turn your little northern Euroland into a phoenix. This as you are being overrun by immigrants who are turning your population to an off color of white and a different cultural flavor.

    “Americans like davy only recognise material values and get into panic mode about potential financial “collapse”, where in reality such a “collapse” is a secundary event, but a won war or new technology are primary events. Financial “collapse”/depression is merely bad news for retirees and family providers out of work. Society itself soldiers on.”
    You have references for “davy only recognizes material values?” BTW you spelt “recognise” wrong. You are in the panic mode and the reason you will not embrace reality. Your fantasy world is not materializing and you are worried sick. Technology is not winning it is falling behind everywhere we look. This does not mean we should quit but it does me people like you should be rejected as part of the problem. Where is it said that “collapse is merely bad for retirees” WTF kind of thinking is that. BTW, how bad of a collapse? Collapse degree and duration can be all over the place.

    “Those wind parks are going to be built, no matter what and”.
    Any time someone says something definitive that is still open and unrealized then you have to wonder about their motivation. In neder’s case it is a chauvinistic white Euroracist Nazi agenda.

    “$150 oil would be a great help for that”
    This oil price will smash your Euroland and the global economy. It is a price that likely will not last anyway.

    “Now Trump and Brexit offer a 2nd chance on major havoc.”
    Yea, Brexit and Italy may leave your euroland in shambles

  11. Davy on Sat, 20th Oct 2018 7:54 am 

    “This whole energy “predicament” is one giant but doable engineering challenge. Leave it to the Europeans to solve it.”

    LMFAO at the chauvinistic white Euroracist Nazi techie

  12. Sissyfuss on Sat, 20th Oct 2018 8:27 am 

    Davy, you forgot misogynist. Cloggo wants them barefoot and pregnant.

  13. Davy on Sat, 20th Oct 2018 8:53 am 

    Sis, that might be a reason he hasn’t been able to find one….lol

  14. Jaz on Sat, 20th Oct 2018 9:13 am 

    Cloggie

    Germany has 30,000 onshore and offshore wind turbine!! With an installed capacity of over 60GW.

    https://www.greentechmedia.com/articles/read/germany-faces-a-gigawatt-scale-loss-of-onshore-wind-power

    Yet look at the amount of electricity they produce.

    https://www.energy-charts.de/power.htm?source=all-sources&year=2018&week=42

    As little as 2-3Gw out of 60-70Gw of demand at 6pm. At that point there is no solar to help and you would have 100 to 150 million cars with near empty batteries needing charging.

    https://www.acea.be/statistics/tag/category/vehicles-in-use

    If you had 120,000 they would not even keep German lights on let alone all the factories, hospitals, homes, offices and shops open in the other 26 countries.

    Germany has spent $300 billion on solar and wind and has only shut down a quarter of it’s coal power stations.

    Countries like Spain, Italy, Greece, Rumania, simply do not have the money to achieve so little.

  15. Cloggie on Sat, 20th Oct 2018 9:56 am 

    “Germany has 30,000 onshore and offshore wind turbine!! With an installed capacity of over 60GW.”

    These are legacy turbines 1-5 MW, not the state-of-the-art 10-12 MW machines now entering the market.

    https://deepresource.wordpress.com/2018/03/03/haliade-x-12-mw-largest-offshore-wind-turbine-to-date/

    “Germany has spent $300 billion on solar and wind and has only shut down a quarter of it’s coal power stations.”

    https://reneweconomy.com.au/renewables-hit-record-41-5-germany-first-half-2018/

    “Renewables hit record of 41.5% in Germany in first half of 2018”

    The EU has given itself time until 2050, that is another 32 years. Germany in 2018 is already at 41.5% renewable.

    “Countries like Spain, Italy, Greece, Rumania, simply do not have the money to achieve so little.”

    Are you sure?

    https://www.energydigital.com/renewable-energy/spain-reaches-new-record-458-renewable-power-energy-mix

    “Spain reaches new record 45.8% renewable power in energy mix”

    http://www.ansa.it/english/news/2017/07/27/italy-sets-record-of-87-of-electricity-via-renewables_10a5421c-0ad3-4289-a407-36e12468d104.html

    “Italy sets record of 87% of electricity via renewables”
    (one day)

    Don’t worry about Europe, we’ll be the first to achieve a 100% renewable energy base.

  16. Davy on Sat, 20th Oct 2018 10:08 am 

    “The EU has given itself time until 2050, that is another 32 years. Germany in 2018 is already at 41.5% renewable”

    The master distortionist forgot to tell you this 41% is not primary power. Also ask neder about wind and solar’s contribution to that 41%. Neder is a propaganda artist bent on a inflated picture of euroland.

  17. Jaz on Sat, 20th Oct 2018 10:17 am 

    Cloggie

    There is nothing renewable about this.

    https://theecologist.org/2018/apr/16/hardwood-forests-cut-down-feed-drax-power-plant-channel-4-dispatches-claims

    German state secretary for energy says

    https://www.theguardian.com/business/2018/oct/01/german-minister-backs-plan-to-cut-down-forest-to-build-coal-mine

    Germany is importing huge amounts of oil, gas and coal, and they are building a new gas pipeline to get more Russian gas.

    https://www.cleanenergywire.org/factsheets/germanys-dependence-imported-fossil-fuels

    Spain renewable company limps on with tax payers money. comning from us Brits.
    not for much longer

    https://www.marketwatch.com/story/abengoa-reaches-deal-to-avoid-bankruptcy-2016-08-11-74852744

  18. Jaz on Sat, 20th Oct 2018 10:17 am 

    Cloggie

    There is nothing renewable about this.

    https://theecologist.org/2018/apr/16/hardwood-forests-cut-down-feed-drax-power-plant-channel-4-dispatches-claims

    German state secretary for energy says

    https://www.theguardian.com/business/2018/oct/01/german-minister-backs-plan-to-cut-down-forest-to-build-coal-mine

    Germany is importing huge amounts of oil, gas and coal, and they are building a new gas pipeline to get more Russian gas.

    https://www.cleanenergywire.org/factsheets/germanys-dependence-imported-fossil-fuels

    Spain renewable company limps on with tax payers money. coming from us Brits.
    not for much longer

    https://www.marketwatch.com/story/abengoa-reaches-deal-to-avoid-bankruptcy-2016-08-11-74852744

  19. Jaz on Sat, 20th Oct 2018 10:32 am 

    Germany and nord stream 11

    https://www.dw.com/en/nord-stream-2-gas-pipeline-what-is-the-controversy-about/a-44677741

    Obviously Germany thinks all that wind and solar will not make up for closing the rest of their nuclear fleet.

  20. Cloggie on Sat, 20th Oct 2018 10:55 am 

    “Spain renewable company limps on with tax payers money. coming from us Brits. not for much longer”

    I think there is a very weak link between Abingoa and “you Brits”. The 20 trillion EU economy can very well do without the British 8 billion net contribution. And European companies can take over the British gap. Already any idea to who you are going to sell 50% of your exports to, if not to the EU? Congo? Aha:

    https://www.dailymail.co.uk/news/article-6289863/Government-prepares-10-000-LORRIES-parked-Kents-roads-post-Brexit.html

    Friendly tip: you definately have something that Argentina wants.lol

    And in the worst case you can always apply for membership of the Indian empire, I mean Londinistan already is majority Asian:

    https://youtu.be/p9djatKuXLs

    In fact, I am not aware that “you Brits” are able to build wind turbines yourselves. I think we can congratulate Antius that his vision of nuclear Britain could become reality after all, “after the break” and “you Brits” and Europeans will be full blown enemies. As far as I am aware, most if not all of Britain’s renewable energy infrastructure is foreign built and installed. Kiss expanding that goodbye.

    Why bring up Drax? It is British (btw never heard of it).

    “huge amounts” doesn’t mean anything. The German economy is booming and so far they “only” have 41% renewable power. They are building pipelines to Russia to secure energy supply, now that the Middle East is becoming ever more destabilized, thanks to US meddling.

  21. Cloggie on Sat, 20th Oct 2018 11:01 am 

    OMG, 500,000 anti-Brexit campaigners in London?!

    Please tell me it isn’t so, dammit! We’ll never get rid of these Anglos 🙁

    https://www.dailymail.co.uk/news/article-6297681/Thousands-anti-Brexit-campaigners-march-London.html

    Fuck.Off.UK.

    We want Russia and their nukes, not British George Soros subsidized pink poofters and Khan muzzie!

  22. Cloggie on Sat, 20th Oct 2018 11:38 am 

    “Obviously Germany thinks all that wind and solar will not make up for closing the rest of their nuclear fleet.”

    Indeed, not now. In 32 years.

  23. Jaz on Sun, 21st Oct 2018 1:35 am 

    Cloggie

    Do you actually have a job? What is it?

    The amount of posts you put on here suggests not.

  24. Cloggie on Sun, 21st Oct 2018 2:23 am 

    “Do you actually have a job? What is it?
    The amount of posts you put on here suggests not.”

    Don’t know about Britain but in Holland people don’t work during the weekend.

    A few (rethorical) questions to you:

    – is it true that the UK produces only 60% of its food?
    – did you know that Venezoleans lost on average 11 kg over the duration of their crisis?
    – do you like chlorine chicken? [*]
    – likewise milk with 10% pus?
    – do you like your war medium or welldone

    [*] https://www.dailymail.co.uk/debate/article-6296893/QUENTING-LETTS-Nick-Clegg-slippery-hypocrite.html

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