Would you like to start a free subscription?
Remember me | Forgot password
For full content view: Log in Now!
OPEC members agreed in late September to retain their existing 21.7-million-bopd production ceiling, frustrating Western politicians, who had hoped for lower oil prices to jump-start their economies. To many industry observers’ surprise, other OPEC countries convinced Saudi Arabia to join them in holding the line on quotas. Saudi Oil Minister Ali Naimi reportedly came to the group’s meeting in Vienna, ready to argue for at least a minor quota increase, to get in line with supply realities. Riyadh fears that OPEC might be losing credibility, given the cheating on quotas, which OPEC President Rilwanu Lukman admitted was running 1.8 to 2.0 million bopd above the ceiling. However, unlike Saudi, most members are at or near capacity and want to maximize revenue. These nations include Venezuela, Indonesia, Kuwait, Iran and Qatar. Iraq is exempted from the group’s quota agreements. However, in early October, as oil traded above $30/bbl, Naimi did not rule out the possibility that Saudi would bring on additional output if prices remained at this level for more than 20 days.
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.
Kuala Lumpur - March 25-28
The Woodlands, TX - April 1-3
Houston, TX - April 6-9
All material subject to strictly enforced copyright laws.
© 2014 World Oil. © 2014 Gulf Publishing Company.