Energies Media
  • Magazine
    • Digital Magazine
    • Digital Magazine Archive
  • Features
  • Upstream
  • Midstream
  • Downstream
  • Renewable
    • Solar
    • Wind
    • Hydrogen
    • Nuclear
  • People
  • Events
  • Advertise
No Result
View All Result
Energies Media
No Result
View All Result

OPEC Nations’ Compliance with Production Cut Boosts Oil Price

by Tim McNally
January 13, 2017
in News, 2017 March-April
68158989 - vienna, austria - december, 24 entrance to organization of the petroleum exporting countries opec headquarters

68158989 - vienna, austria - december, 24 entrance to organization of the petroleum exporting countries opec headquarters

Baker Hughes

Texas Consultancy Develops AI to Address Project Challenges in the U.S. Energy Sector

A Critical Mineral at a Critical Moment: The Importance of Restoring Domestic Tungsten Production in the U.S.

The price of oil jumped after Saudi Arabia Energy Minister Khalid al-Falih announced that the kingdom had kept to its November obligation as a member of OPEC to cut the amount of barrels of oil produced per day.

According to the minister, the current production rate is less than 10 million barrels per day, which ends up being slightly higher than the expected 486,000 bpd reduction. The welcome news gave a 1.5% bump to U.S. Crude futures as traders assessed the reduction in international supply levels of oil.

The compliance of Saudi Arabia has also been matched by Qatar, Kuwait and Oman, a fact which was highlighted by Kuwait’s OPEC Governor Nawal al-Fezaia during an interview earlier this month, according to Reuters. Iraq likewise announced that it was complying with the deal and had accordingly started to reduce production. Russia is expected to comply with the agreement as well, despite the nation not being an actual member of OPEC.

The oil price has been fluctuating around $50 for a while, a range which will be present throughout 2017 and into 2018, according to the Energy Information Administration’s Short-Term Outlook report for January. The EIA expects the prices of North Sea Brent and West Texas Intermediate Crude oil to average $53 and $52, respectively, during 2017.

The EIA acknowledged that certain factors, such as the OPEC agreement to reduce production and the rising demand for oil in China, are causing upward pressure on the price of crude, but the agency believes that increases in global production will continue to stifle any meaningful rises in the price of oil. The agency expects to see a buildup in international petroleum inventories, albeit at a slower rate than what has been encountered thus far in 2015 and 2016.

Author Profile
Tim McNally
Digital Content Manager
Author Articles
  • Tim McNally
    https://energiesmedia.com/author/tim-mcnally/
    Navigating Mineral Rights? Don’t Be Scared by the Complexity
    January 12, 2018
    Navigating Mineral Rights? Don’t Be Scared by the Complexity
  • Tim McNally
    https://energiesmedia.com/author/tim-mcnally/
    Giles Edward edited
    January 12, 2018
    Interview with Giles Edward, CEO, M-Flow
  • Tim McNally
    https://energiesmedia.com/author/tim-mcnally/
    Devon Energy Reports Year-To-Date Sales of Nearly $10 Billion
    November 10, 2017
    Devon Energy Reports Year-To-Date Sales of Nearly $10 Billion
  • Tim McNally
    https://energiesmedia.com/author/tim-mcnally/
    Interview with Dave McCarthy, Senior Director of Products at Bsquare
    November 3, 2017
    Interview with Dave McCarthy, Senior Director of Products at Bsquare
  • Tim McNally
    https://energiesmedia.com/author/tim-mcnally/
    Largest Oil and Gas Lease Sale Set to Take Place in New Orleans
    October 29, 2017
    Largest Oil and Gas Lease Sale Set to Take Place in New Orleans
  • Tim McNally
    https://energiesmedia.com/author/tim-mcnally/
    Lake Pontchartrain Explosion Brings Attention to Operations in the Region
    October 22, 2017
    Lake Pontchartrain Explosion Brings Attention to Operations in the Region
Tags: #OilmanNEWS
Qatar
TAMU

In This Issue

Energies Media Summer 2025

ENERGIES Media (Summer 2025)


Maximizing Clean Energy Tax Credits Under the Inflation Reduction Act


The Hidden Value in Waste Oil: A Sustainable Solution for the Future


Letter from the Managing Editor (Summer 2025)


NeverNude Coveralls: A Practical Solution for Everyday Dignity


ENERGIES Cartoon (Summer 2025)


Meeting Emergency Preparedness and Response Criteria


U.S. Oil Refineries Face Critical Capacity Test Amid Rising Demand


Why Energy Companies Need a CX Revolution


Energies Media Interactive Crossword Puzzle – Summer 2025


Moving Energy Across Space and Time


How to Deploy Next-Gen Energy Savers Without Disrupting Operations


Bringing Safety Forward in Offshore Operations


Dewey Follett Bartlett, Jr.: Tulsa’s Champion of Independents

E-Fuels
Expo
  • Terms
  • Privacy

© 2025 by Energies Media

No Result
View All Result
  • Magazine
    • Digital Magazine
    • Digital Magazine Archive
  • Features
  • Upstream
  • Midstream
  • Downstream
  • Renewable
    • Solar
    • Wind
    • Hydrogen
    • Nuclear
  • People
  • Events
  • Advertise

© 2025 by Energies Media