collected by :Maolly Tony
referring to Here’s a closer look at just how much oil comes out of these 13 countries, and how the different OPEC countries are affected by oil prices.
Here’s a breakdown of oil production from each country in February 2017:As the table above shows, the individual size of OPEC member’s oil production varies greatly.
All OPEC oil isn’t equalWhile OPEC produces a significant amount of the planet’s total oil, there are significant differences in production capabilities, the kind of oil produced, and the costs of production from one OPEC country to the next.
Combined, the agreement, which included OPEC, Russia, and several other oil-producing nations, was to cut total oil production by nearly 2 million barrels per day.
For instance, Saudi Arabia, Iran, and Iraq have some of the cheapest oil production in the world.
as mentioned in “The central bank and the Finance Ministry are sticking to the conservative $40 oil scenario because they want to be ready for and protect themselves against the worst-case scenario.”
Oil will tumble to $40 if OPEC doesn’t extend its agreement later this year, one of the most prominent producers in the U.S. shale patch said this month.
Forecasting oil is no game for the Bank of Russia.
As the central bank honed its forecasts, it also gingerly resumed monetary easing, pointing to the “uncertainty” in the oil market as a factor for its “conservative” forecasts.
Russia, a key partner in the deal and a participant in the talks in Kuwait, might only add to those jitters.
OPEC Out Of Moves As Goldman Sachs Expects Another Oil Glut In 2018
Oil prices are heading down again on swelling U.S. crude oil inventories, with Brent dropping below $50 per barrel for the first time this year.
The investment bank also warned that the markets have become overly optimistic on oil prices since the OPEC deal was announced nearly four months ago.
It’s not clear how this will shake out, but it’s safe to say that, at this point, there is more danger on the downside for oil prices than on the upside.
The OPEC deal that has taken more than 1 million barrels per day of oil off the market has not succeeded in reversing this bearish trend for inventories.
Most European integrated companies are using a working assumption for their budgets that oil prices will average $60 per barrel in 2017, with an upper end bound of $80 per barrel between 2018 and 2020.