ISSN 2330-717X

OPEC To Implement 32.5mb/d Output Target

The OPEC headquarters in Vienna. Photo by DALIBRI, Wikipedia Commons.The OPEC headquarters in Vienna. Photo by DALIBRI, Wikipedia Commons.

By Leman Zeynalova

During the Vienna meeting held Nov.30, OPEC members decided to implement a new OPEC-14 production target of 32.5mb/d, said the cartel’s website.

The decision was made in order to accelerate the ongoing drawdown of the stock overhang and bring the oil market rebalancing forward.

The agreement will be effective from January 1, 2017.

It was also decided to establish a High-level Monitoring Committee, consisting of oil ministers, and assisted by the OPEC Secretariat, to monitor the implementation of the agreement.

Member countries, in agreeing to this decision, confirmed their commitment to a stable and balanced oil market, with prices at levels that are suitable for both producers and consumers.

foto3_301116In line with recommendations from the High-level Committee of the ‘Algiers Accord’, the meeting participants also agreed to institutionalize a framework for cooperation between OPEC and non-OPEC producing countries on a regular and sustainable basis.

The importance of other producing countries joining the agreement was underscored during the meeting.

The duration of this agreement is six months, extendable for another six months to take into account prevailing market conditions and prospects.

Meanwhile, Indonesia decided to suspend its OPEC membership. OPEC spokesmen said Indonesia could return to the cartel in the future.

It was decided to hold the next Ordinary Meeting in Vienna, Austria, May 25, 2017.


About the Author

Trend News Agency
Trend News Agency
Founded in 1995 as a private media outlet in Azerbaijan, Trend News Agency is a leading news provider in the Caucasus, Caspian and Central Asian region. Trend has established the Trend Expert Council, bringing together about 40 well-known independent experts from the region and the West.

Be the first to comment on "OPEC To Implement 32.5mb/d Output Target"

Leave a comment

Your email address will not be published.


*


CLOSE
CLOSE