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Oil Producers Fall Short of Pledges to Cut Production
A group of 11 non-OPEC oil producers appears to be about 50% short of its pledge to reduce petroleum production by 558,000 barrels per day.
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A group of 11 non-OPEC oil producers appears to be about 50% short of its pledge to reduce petroleum production by 558,000 barrels per day.
The cut was part of a deal brokered by the Organization of the Petroleum Exporting Countries in December aimed at raising oil prices. OPEC members agreed to reduce their combined output by 1.2 million bpd, or about 4% of their normal production.
Russia, which agreed to trim its output by 300,000 bpd, so far has reduced its production by 100,000 bpd, according to The Wall Street Journal, which cites an International Energy Agency report. Russia has said it would gradually reduce output through the first half of 2017.
The Journal reports that producers are scheduled to meet today to review compliance with the deal. OPEC’s own member have repeatedly ignored their own self-imposed production quotas. Analysts have noted that any rise in oil prices is likely to prompt petroleum-based economies such as Russia to raise output.
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