The hottest OPEC technical meeting postponed the d

2022-08-09
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OPEC technical meeting postpones the discussion on the Iranian issue next week, and the OPEC technical meeting postpones the discussion on the Iranian issue next week. The next day's meeting of the technical meeting of the organization of Petroleum Exporting Countries (OPEC) was held on Tuesday (November 22). The technical committee said that it would discuss 4 at the next week's oil ministers' meeting The production reduction plan of 5%, but Libya and Nigeria will not implement the production reduction, while the attitude of Iran and Iraq is still unclear, which needs to be further discussed at the meeting next week

three OPEC sources participating in the technical meeting said that the oil ministers' meeting held on November 30 will discuss the production reduction quota with the indication of the 3.4 experimental machine between 10% and 90% of the full value of the recorder (or the full scale of each level of the dial), which is expected to reduce 1.2 million barrels per day, which is the upper limit of production reduction expected by the market

however, sources also pointed out that Iran, Iraq, Indonesia and other countries have expressed their willingness to maintain current production

the key obstacle to the current production restriction agreement comes from the attitude of Iraq and Iran, both of which hope to be exempted from production reduction, of which Iran hopes to continue to increase production so as to restore production to the level before economic sanctions

the Iraqi Foreign Minister also said today that OPEC should allow Iraq to continue to increase production without imposing any restrictions

the attitude of Iran and Iraq made the oil ministers' meeting on November 30 variable. Investors were worried that if an agreement could not be reached in the end, the first production restriction agreement in eight years might not be the beneficial conditions for China's extruder industry in terms of foreign trade exports

market analysts pointed out that if Libya, Nigeria, Iraq, Iran and other countries are exempted from the production reduction when the workbench lands to the original position, the final implementation of the OPEC production restriction agreement depends entirely on whether Saudi Arabia and its Gulf allies are willing to bear the burden of production reduction alone

sources revealed that various signs showed that Saudi Arabia and its Gulf allies were ready to cut production by up to 1million barrels per day, and Jany declined to comment further

if OPEC wants to limit the output to 32.5 million barrels per day, it needs to reduce the output by 4% based on the output in October 5%, which means that Saudi Arabia needs to bear the production reduction quota of 500000 barrels/day

however, considering that OPEC's output statistics are based on second-hand data sources, which are usually lower than the actual output reported by countries, the actual production reduction may need to be greater to meet the commitments of the production restriction agreement

other OPEC member States asked Iraq to reduce production by about 200000 barrels per day, but the parties are still discussing whether the basis for this reduction is based on OPEC statistics or the actual production reported by various countries

a source said: "85% of the proposed production reduction quota comes from Gulf Member States, but Iran does not support it."

a senior OPEC representative pointed out that Russia is not willing to cooperate with the inspection, and it is more willing to freeze production. The representative added: "this means that OPEC needs to push up oil prices on its own."

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