PW
Español

 

PW
Guyana
Surinam


PW
Trinidad

& Tobago
Caribbean

 

Prices
Graphics

 




Very usefull links



PW
Bookstore





Blogspots

The Global Barrel

Tiempo Culural

Gustavo Coronel

Iran Watch.org

Le Blog des
Energies Nouvelles

News Links

AP

AFP

Aljazeera

Dow Jones

Reuters

Bloomberg

Views and News
from
Norway

 

PW
Bookstore

 

 

 

OPEC+ once again fails to pump enough to meet its output target

 

 

 

 

 

By Salma El Wardany / Bloomberg

CAIRO
Petroleumworld 10  21 2021

OPEC and its allies once again failed to pump enough oil to meet their output targets, exacerbating the supply deficit as the world recovers from the coronavirus pandemic.

OPEC+ cut its production 15 per cent deeper than planned in September, compared with 16 per cent in August and 9 per cent in July, according to delegates with knowledge of the matter.

This reflects the inability of some members -- including Angola, Nigeria and Azerbaijan -- to raise output to agreed volumes due to a lack of investment, exploration and other issues. In theory, OPEC+ could have pumped an extra 747,000 barrels a day in September and remained within its agreed production limit.

The Organization of Petroleum Exporting Countries and its allies, which include Russia, have been under pressure from major consumers to accelerate the pace of their supply increases. These calls have become louder as the energy crisis has engulfed Europe, sending power prices to record levels.

Brent has rallied to the highest level since October 2014 as some power producers switch to oil, in tandem with the global recovery. Asian demand for U.S. crude is also rising as the energy crisis boosts prices for other grades priced against global benchmark Brent.

The latest pressure came from Japanese Prime Minister Fumio Kishida who urged producers on Monday to ramp up output in the face of the recent price rise. He added that his government is watching price trends in the market to assess its impact on domestic industries.

If prices do not turn around, the next OPEC+ meeting on Nov. 4 could take place with heightened political pressure from consumers.

The meeting will also coincide with COP26 climate talks in Glasgow. With world leaders meeting to extract more ambitious promises from governments and global business to avoid a climate catastrophe, attention on the producer-group will be even higher.

TOP

                                                                                                                                                                                                                                                                                                                                                                                             Contact: editor@petroleumworld.com,


Editor & Publisher:Elio Ohep /
Contact Email: editor@petroleumworld.com

CopyRight © 1999-2021, Elio Ohep A. - All Rights Reserved. Legal Information

PW in Top 100 Energy Sites

CopyRight©1999-2021, Petroleumworld   / Elio Ohep - All rights reserved

This site is a public free site and it contains copyrighted material the use of which has not always been specifically authorized by the copyright owner.We are making such material available in our efforts to advance understanding of business, environmental, political, human rights, economic, democracy, scientific, and social justice issues, etc. We believe this constitutes a 'fair use' of any such copyrighted material as provided for in section 107 of the US Copyright Law. In accordance with Title 17 U.S.C. Section 107, the material on this site is distributed without profit to those who have chosen to view the included information for research, information, and educational purposes. For more information go to: http://www.law.cornell.edu/uscode/17/107.shtml. If you wish to use copyrighted material from this site for purposes of your own that go beyond 'fair use', you must obtain permission fromPetroleumworld or the copyright owner of the material.