Kazakhstan: OPEC, Non-OPEC Nations Must Stabilize Oil Prices In First-Quarter

[rainman + 263]

Kazakhstan expects the participants in a pact to curb global oil output to stabilize prices in the first quarter of 2019 and make a joint statement next month “in order to support the market”, Energy Minister Kanat Bozumbayev said on Wednesday.The Organization of the Petroleum Exporting Countries (OPEC), led by Saudi Arabia, along with non-OPEC members such as Russia, agreed this month to begin curbing production in January to reduce a supply glut that has pressured benchmark crude prices to their lowest in more than a year. “All these countries must stabilize the situation with energetic measures in January-February-March, prices must stabilize and enter a more or less positive range,” Bozumbayev told a briefing.
Kazakhstan plans to reduce its own output to 89.5 million tonnes next year from 90.3 million tonnes this year, due in part to planned maintenance shutdowns at its three largest oil fields, Kashagan, Karachaganak and Tengiz, Bozumbayev said.

[pinto + 293]

The myth that oil companies make less when oil prices are low is ridiculous. When prices are 50% less twice as much oil is used - maybe more.

[50 shades of black + 254]

In 10 days oil has dropped 45% of its price valuation. OPEC actually it's not functioning strong anymore, you recently announced cut the production output and  it's not much impact on the price if you monitor it closely.

[Pavel + 384]

Another 2 million barrels cut should do the job of boosting price..

[damirUSBiH + 327]

OPEC’s supply accord commits its 11 participating members to 3% oil cuts: document

http://naija247news.com/2018/12/26/opecs-supply-accord-commits-its-11-participating-members-to-3-oil-cuts-document/?utm_source=feedburner&utm_medium=twitter&utm_campaign=Feed%3A+naija247news%2FASsy+(Naija247news)

 

[Cowpoke + 70]

OPEC should just create a credit system where a member can get credit for each barrel it cuts and then be able to exchange that credit for goods and services from a member that does not cut.