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OPEC meeting statement: the United Arab Emirates, Iraq and other four countries are willing to fully comply with the production reduction agreement

OPEC meeting statement: the United Arab Emirates, Iraq and other four countries are willing to fully comply with the production reduction agreement

August 10, 2017

[China paint information]

the organization of Petroleum Exporting Countries (OPEC) issued a statement after the two-day meeting in Abu Dhabi on Tuesday (August 8), saying that all oil producing countries firmly adhere to the commitment to limit crude oil production. Some oil producing countries that have lagged behind in production reduction, such as the United Arab Emirates, Kazakhstan, Iraq and Malaysia, are willing to fully abide by the production reduction agreement

this meeting is a special meeting held by the Joint Technical Committee (JTC) to supervise the compliance with the production reduction agreement, aiming to improve the implementation rate of production reduction. A committee composed of officials from Russia, Kuwait and Saudi Arabia, plus OPEC headquarters in Vienna, met individually with officials from Iraq, the United Arab Emirates, Kazakhstan and Malaysia

at the end of last year, OPEC reached an agreement with Russia and other non OPEC oil producing countries to reduce production by about 1.8 million barrels per day to reduce excess production and support oil prices. Meanwhile, in May this year, oil producing countries agreed to extend the production reduction agreement until March 2018

however, so far, if the failure can not be eliminated by fax or e-mail, some old oil producing countries have failed to achieve the production reduction target, and investors are worried about whether the production reduction agreement can effectively reduce the global oversupply. Oil prices have fallen by 8% this year. Last month, Saudi energy minister Khalid al Falih promised to put pressure on oil producing countries that "cheat" in reducing production

according to the independent data source used by OPEC to monitor its supply, the implementation rate of production reduction in OPEC oil producing countries Iraq and the United Arab Emirates is relatively low, 29% and 60% respectively. In addition, According to the International Energy Agency (I "peharda said EA) Non OPEC Kazakhstan and Malaysia have also been increasing production in the past few months

according to two sources familiar with the meeting, we have also achieved the concept of relative quality and price in terms of price. The members discussed the issue of crude oil export, and some countries have objections to the output level assessed by independent data sources. Iraq and the United Arab Emirates said at the meeting this week that OPEC estimated the crude oil production of the two countries based on data from external sources, which is the reason why they lag behind in the implementation of production reduction

however, OPEC said in the statement after the meeting, "the discussion was carried out in a positive atmosphere and was very fruitful. The important function of the pressure vessel fatigue tester of Jinan new era Gold Testing Instrument Co., Ltd. at the meeting is to shock the cylinder with pressure pulses. The conclusion reached by the state will help promote full compliance (production reduction agreement)." However, the statement did not disclose details of how to improve the implementation rate

OPEC said, "the United Arab Emirates, Iraq, Kazakhstan and Malaysia all expressed their full support for the current monitoring mechanism, and will fully cooperate with JTC and jmmc in the coming months to achieve the goal of full implementation of the agreement."

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