the Oil-producing countries outside the oljekartellet Opec has given the thumbs up to adjust down their production of oil, announced a number of news agencies on Saturday.
After that the Opec members recently agreed to cut its oil production by 1.3 million barrels, had oljekartellet invited other oil producers to meet on Saturday to formalise produksjonskutt also for these.
Non-Opec agrees to cut the daily production by around 600,000 barrels per day. It was this level that was outlined in advance of Saturday’s meeting.
It is the first time since 2001 that the world’s oil producers have gone together on a global deal to bring down the oil production, writes Bloomberg.
Historical
It is unclear how the cut will be distributed between the countries, but the major producer Russia has already stated that the next year will lower production by 300,000 barrels.
This is a very historic meeting. This will improve the global economy and it will help some OECD countries to reach their inflation target, said the secretary-general Mohammed Barkindo to Reuters ahead of Saturday’s meeting.
One surprise
- Iran
- Iraq
- Kuwait
- Saudi Arabia
- Venezuela
- Qatar
- Libya
- United arab emirates
- Algeria
- Nigeria
- Ecuador
- Gabon
- Angola
Indonesia walked out of Opec in 2009, restored the membership in January of this year, but is now out again. Gabon went out of Opec in 1995, but went back in July of this year, according to Opec.
Azerbaijan, Bahrain, Bolivia, Brunei, Equatorial Guinea, Kazakhstan, Malaysia, Mexico, Oman, Sudan and South Sudan, either attended or in other ways gave the thumbs up to the agreement, writes Reuters.
The big surprise is that Kazakhstan decided to join the agreement, writes Bloomberg. According to sources the news has been in contact with, the country has been under a “hard diplomatic pressure” to cut.
There are oil producing countries that are outside the cut-the agreement, including Norway. Oil and energy minister Tord Lien received in mid-november an invitation from oljekartellet.
Oljekampen
The powerful oljeprisfallet that came towards the end of 2014 was due to the oil market rant over.
There was simply too much oil, and on each side stood two oljestormakter, the old oil producer Opec against the new skiferoljerevolusjonen in the united STATES.
Previously had Opec been a guarantor for the high oil price, because the cartel adjusted production to demand.
But Opec, largely headed up by the “Opec chief” Saudi Arabia, took up the hatchet and allowed the pumps to stand on fully. Now there were others who had to stand for the adjustment.
It did that oil prices have vaket at very low levels. In January of this year was the price of oil as far down as 27 dollars a barrel – miles and miles of the 115 dollars a barrel was in the middle of 2014.
Since Opec members agreed to cut oil production, the price of oil has risen about 15 per cent. A fat nordsjøolje (Brent spot) costs now just over 54 dollars a barrel.
More oljeeksperter fear now that higher oil prices will again arouse the american skiferoljeprodusentene.
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