Would you like to start a free subscription?
Remember me | Forgot password
For full content view: Log in Now!
OPEC apparently is closer to making a 1.5-million-bopd reduction, to help curb slumping oil prices. This move was prodded by Russia’s delayed decision to reduce its oil exports by 150,000 bpd. Russian Prime Minister Mikhail Kasyanov said, "We count on the other oil suppliers, which have already made a decision (to reduce output), that they will in fact carry them out" and help support prices. Qatari Oil Minister Abdallah al-Attiyah said, considering that OPEC producers control only 35% of the market, the group is unable to influence global oil prices on their own. He added that if non-OPEC producers fail to cooperate in reducing output, members may choose to leave the cartel. Such action could send oil prices plunging to $5/bbl. OPEC said it will reduce output by 1.5 million bopd early this year, dependent upon non-OPEC producers (including Russia, Norway and Mexico) reducing volumes by 500,000 bopd. The cartel has already secured support of several non-OPEC countries, whose combined cuts total 440,000 bopd. Mexico offered to cut 100,000 bopd and Norway’s reduction is expected to at least match the size of Russia’s curbs. Angola had yet to provide exact figures for its output trims. However, it plans to make a decision this month.
This area of the site is restricted.
In order to gain access, please either Log
In, or subscribe to World Oil.
Two options are available to you for creating an account.
1. Get a Free Trial Subscription to World Oil Magazine and gain immediate access to select content on World Oil Online.
Start a Free Trial Subscription and gain immediate access to the complete current issue of World Oil Magazine. Plus, you’ll receive 3 upcoming issues of World Oil Magazine in print or digital format.* You also receive access to the Energy Events Calendar, Industry Statistics and WO Wire’s news and industry coverage.
2. Purchase a subscription to World Oil magazine and gain immediate
and complete access to World Oil Online. As a Total Access subscriber
you will have access to all areas of the site available to registered users and
free subscribers as well as having access to such premium content areas as:
Physical copies of this content may be available for purchase. Visit the Reprints & Back Issues section.
If you are already a paid subscriber and do not have access, please email CustomerService@worldoil.com.
World Oil's specialized upstream Engineering Data Tables featuring the Drill Bit Classifier, Tubing Tables and more. Get Total Access today.
Wichita Falls, TX - April 22-23
Bucharest - April 28-30
Houston, TX - May 5-8
All material subject to strictly enforced copyright laws.
© 2014 World Oil. © 2014 Gulf Publishing Company.