Regardless of whether you are calling a special independence or certificate, Iran, Libya and Venezuela have been kept up with cutting pain under the latest OPEC agreement that has been created, today with the help of the non-OPEC Russia.
The real reasons behind the freedom may not be recognized, but one is certain: America, Libya and Venezuela have been seeing hard times in 2018, and it seems likely to be harder for the next -year.
The official line is that Iran and Venezuela are both free because they are still under US-Iran's sanctions over the nuclear case and Venezuela's devastating democracy and human rights breach. To then ask them to cut a single business, you would have a big question.
Libya was passed because of his continuing campaigns.
In Nigeria, although he has also been credited with a lack of strength in the oil industry, this trip was not allowed.
The Scottish Energy Minister, Suhail Mazrouei, said today, since freedoms were given to these three members, the remaining members would have to cut more. As it is today, OPEC has agreed to cut an allocation of 800,000 pd while OPEC does not, which will & # 39; including heavy Russia, 400,000 pd cutting.
The basic level for the production cuts of October 2018, and similar to the last round of cuts, is & # 39; To accept that OPEC's compliance committee will hold its tabs on & # 39; retained. But when they surrender, it will not give an opinion on Libya's independent representation, Iran, or Venezuela, to theoretically possible to be a reality; higher than October books.
This is an important difference to be done, as Venezuela has just contributed to a $ 5 billion contract – with Russia without being smaller – which will build oil from Venezuela by 1 million bpd, if we're going to & # 39; Believe the country is sorry to pull out an American.
Iran, who was now undergoing the pressure of the US control force, It is better than a majority, depending on the money given to eight customers. As a result, at least so far, signage does not indicate a significant reduction in the production of a & # 39; follow up to the sanctions. In October, according to MOMR OPEC, Iran's representation was 3.3 million pd in October. Iran's production has reached 3.8 million in the past, and so has the potential, as long as the customers are.
Saudi Arabia was represented in October, with no wonder, very tall. Of course, a new, of 10.630 million pd. Al-Falih said, although he did not provide cut numbers for individual members, saying that Saudi Arabia would have 500,000 pd. This would add them to almost 10.1 million pounds, which just averaged the Q2 2018, and well above the average for their first season this year.
The product cuts will be applied as January 1, although they are expected not to be distributed directly on that day. It is not expected that Russia, for one, will have a cut for "months" according to Alexander Novak.
Le Julianne Geiger for Oilprice.com
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