Unforgettable nightmare of the hottest production

2022-08-04
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The "nightmare of production reduction" is unforgettable. The OPEC meeting next week is difficult to successfully reduce production.

"nightmare of production reduction" is unforgettable. The OPEC meeting next week is difficult to successfully reduce production.

november20,2014

[China paint information] Bank of Norway (DNB ASA) believes that contributing to the "target of crude oil production reduction" is "so unimaginable" for some OPEC countries, It is not expected that any call for production reduction will be followed at the OPEC meeting next week, which should not have a fragmented picture

the daily chart shows that the crude oil currently supplied by the organization of Petroleum Exporting Countries (OPEC) to the global market has exceeded the target reached at the last OPEC meeting

torbjoern Kjus, an analyst at DNB bank, the largest bank in Norway, pointed out that the last time OPEC announced "production reduction" was in 2008. Libya, Iran and Nigeria all suffered a lot from it. Therefore, it is expected that at the meeting on November 27, these countries will all express "forgiveness" for the OPEC production reduction quota

Bank of Norway pointed out that at present, it is a good opportunity for OPEC to communicate with a few member states about production reduction, but such production reduction is still not enough. It is expected that the OPEC meeting will not be able to reach an agreement on the allocation of output quota, because Nigeria, Iran and Libya will refuse to reduce production due to the "lessons learned from the imperfect material standard system in China"

the bank believes that the oil output of the three countries has been cut down involuntarily since OPEC announced the last production reduction - since 2008, the oil output of Libya has decreased by 49%, because the militia started a war to control the country; Iran's output fell by 28% due to sanctions triggered by its nuclear program. According to the data of Nigerian national oil company, Nigeria lost an average of 300000 barrels of crude oil per day due to theft and destruction last year

according to the data compiled by Bloomberg, OPEC, an organization accounting for 40% of the global oil supply, from 2008 to 2011, the average daily crude oil supply far exceeded the target - OPEC set a target of 24.845 million barrels per day for the next three years in 2008, but the output was 1.7 million barrels per day more than the target

since January of the 12th year when the tensile, peel, tear, and shrinkage tests of the 20 samples were completed, the upper limit of OPEC's daily output target has been raised to 30million barrels, but the result is 886000 barrels/day higher than the target

as the global economy fell into a great recession, the OPEC group of 12 agreed to reduce its daily crude oil output ceiling (target) by 4.2% in 2008. According to the data, OPEC complied with the 90% reduction scale at first, but the output began to exceed the target level within the next year. As the global economic recovery made the crude oil price and demand rebound. However, for the future, according to the prediction given by OPEC itself, the crude oil demand will decline every year from this year to 2017, and will eventually fall to 28.2 million barrels per day

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