{"id":601156,"date":"2019-02-20T03:45:19","date_gmt":"2019-02-20T03:45:19","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2019\/02\/20\/non-opec-oil-producers-are-failing-to-meet-their-supply-cut-targets\/"},"modified":"2019-02-20T03:45:19","modified_gmt":"2019-02-20T03:45:19","slug":"non-opec-oil-producers-are-failing-to-meet-their-supply-cut-targets","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2019\/02\/20\/non-opec-oil-producers-are-failing-to-meet-their-supply-cut-targets\/","title":{"rendered":"Non-OPEC oil producers are failing to meet their supply cut targets"},"content":{"rendered":"

Non-OPEC oil producers are failing to meet their supply cut targets: <\/b>The 1.2 mbd oil production cut agreement made between OPEC and non-OPEC countries last year is falling by the wayside as new Bloomberg data reveals<\/a> that just 10 of the 21 signatories met their production targets in January. OPEC more or less upheld their end of the bargain, making 86% of the required cuts. In comparison, non-OPEC countries only managed 25%. Some countries, such as OPEC members Iraq and Nigeria, even increased their output.<\/p>\n

Why are oil producers cutting their output? <\/b>The current six-month agreement, signed in December last year<\/a> between the so-called OPEC+ alliance of oil producers, is designed to support oil prices following a 30% market plunge during the final quarter of last year. This is the second such agreement, the first of which was introduced in January 2017 in response to the 2014-15 downturn.<\/p>\n

What next for OPEC+? <\/b>In a Bloomberg article earlier this week<\/a> Julian Lee described the agreement as \u201cstanding on one wobbly leg\u201d due to the substantial gap between the two biggest producers: Saudi Arabia and Russia. Saudi Arabia has heavily reduced its output, shouldering more than half of OPEC\u2019s cuts. Russia meanwhile has opted to inch towards its targets, stating they will hit them in May (just one month before the current agreement expires). As OPEC looks to form a more permanent partnership<\/a> with the Russian-led non-OPEC countries, the current disparities call into question whether such a plan is actually workable.<\/p>\n","protected":false},"excerpt":{"rendered":"

Non-OPEC oil producers are failing to meet their supply cut targets: The 1.2 mbd oil production cut agreement made between OPEC and non-OPEC countries last year is falling by the wayside as new Bloomberg data reveals that just 10 of the 21 signatories met their production targets in January. OPEC more or less upheld their […]<\/p>\n","protected":false},"author":1,"featured_media":601157,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[9272],"tags":[93,72,91,128,1510],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-601156","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-macro-picture","tag-energy","tag-enterpriseam","tag-oil-and-gas","tag-opec","tag-the-macro-picture","wpautop","entry"],"acf":{"mongo_id":"6d39d138-7bba-4e30-85a5-de9f24f44483","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2019\/2\/1966.jpg","photo_position":"above","related_issue":[601137],"teaser":"","voice_url":""},"yoast_head":"\nNon-OPEC oil producers are failing to meet their supply cut targets - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2019\/02\/20\/non-opec-oil-producers-are-failing-to-meet-their-supply-cut-targets\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Non-OPEC oil producers are failing to meet their supply cut targets\" \/>\n<meta property=\"og:description\" content=\"Non-OPEC oil producers are failing to meet their supply cut targets: The 1.2 mbd oil production cut agreement made between OPEC and non-OPEC countries last year is falling by the wayside as new Bloomberg data reveals that just 10 of the 21 signatories met their production targets in January. 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OPEC and other major producers said in a\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2018\/6\/1596.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":651873,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/02\/22\/egypt-may-join-opecs-oil-production-cap-agreement-opec\/","url_meta":{"origin":601156,"position":2},"title":"Egypt may join OPEC\u2019s oil production cap agreement \u2013OPEC","author":"enterpriseam admin","date":"22 February 2017","format":false,"excerpt":"Egypt may join OPEC\u2019s oil production cap agreement, OPEC Secretary-General Mohamed Barkindo said at a press conference on Tuesday. \u201cWe still expect more other producers will join [the agreement] in the possible time\u2026Yes, we would like to see Egypt to be part [of the agreement],\u201d Barkindo said, according to TASS.\u2026","rel":"","context":"In "Energy"","block_context":{"text":"Energy","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/energy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":637797,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/11\/26\/gas-exporting-nations-call-for-fair-price-on-natural-gas-opec-and-russia-close-to-extending-output-cuts\/","url_meta":{"origin":601156,"position":3},"title":"Gas exporting nations call for \u201cfair price\u201d on natural gas, OPEC and Russia close to extending output cuts","author":"enterpriseam admin","date":"26 November 2017","format":false,"excerpt":"Gas exporting countries called for a fair price for natural gas at a summit on Friday, according to the AFP. The Gas Exporting Countries Forum, at which Egypt is a participant, is angling to effectively decouple natural gas from oil prices, pointing to gas\u2019 \u201cenvironmental benefits and energy efficiency.\u201dMeanwhile, Russia\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":547028,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/06\/06\/markets-shrug-after-opec-ups-oil-supply-increases-the-us-turns-to-foes-for-oil\/","url_meta":{"origin":601156,"position":4},"title":"Markets shrug after OPEC ups oil supply increases + the US turns to foes for oil","author":"enterpriseam admin","date":"6 June 2022","format":false,"excerpt":"Oil producers to temporarily up supply: OPEC+ has agreed to boost oil production in July and August by 650k barrels a day from the current 400k bpd, the alliance of oil producers announced in a statement following its Thursday meeting, bringing forward an increase it had initially scheduled for September.\u2026","rel":"","context":"In "PLANET FINANCE"","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":562685,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/06\/02\/opec-agree-to-raise-supply-in-july\/","url_meta":{"origin":601156,"position":5},"title":"OPEC+ agree to raise supply in July","author":"enterpriseam admin","date":"2 June 2021","format":false,"excerpt":"OPEC+ oil producers have agreed to continue relaxing curbs on oil production in July as a global economic recovery boosts demand for crude in the US, China and Europe, the ministers of the group announced following a virtual meeting yesterday, Bloomberg reports. 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