Organization of petroleum exporting countries (OPEC) output reduction agreement finalized on November 30, but it is worth noting is that its November oil production and refreshed the historical high, while non-OPEC oil producers Russia oil production almost 30 high.
Reuters report on 5th, survey of 33.82 million barrels OPEC daily output of the November from October driving up to 34.19 million barrels, agreed on November 30 oil production limit of 32.5 million barrels more than 1.69 million barrels; Iraq exports, as well as two countries with reduced immunity-Nigerian and Libya's oil production rose, is a key component.
If handover in 2015, Indonesia, July 2016 joined by Gabon, 33.23 million barrels OPEC daily oil output of the November, Reuters records since 1997, the highest since the survey began.
In the reduction of production among Member States, Saudi Arabia decline most operas, mainly due to the reduction in air conditioning electricity consumption, refining effect. Oil prices today (6) in Asian trading continued struggling.
Experts believe that Saudi Arabia will not be stupid enough to comp which, in order to suppress United States oil shale, oil prices to around 50 dollars will stagnate.
CNBC reports, Helima Croft published on November 22, RBC Capital Markets analyst research report noted that Saudi Arabia wants its State-owned enterprises to Saudi Arabia oil company (Saudi Arabian Oil Co., also known as Saudi Aramco) successful IPO, you have to put oil prices back to $50, according to officials of the country have begun discussing whether to drop by 1.1 million barrels to boost oil prices. However, once the price of oil higher, United States oil shale will resurge, Saudi Arabia should not want to comp which is.
Saudi Arabia has recently recurring oil $50, on this basis, Croft believes that Saudi Arabia does not want oil prices lifted to $60, $70 or $80, because if oil prices rise too fast, United States oil production activities will be immediately restored; instead, a slow recovery in oil prices, Saudi Arabia wants results. The other hand, Russia oil production remains high, also made it difficult for market worried about oversupply significant relief.
Reuters report on 5th, Russia on Friday (December 2) announced in November, was 11.21 million barrels a day of crude oil, brushing up against a 30-year high. Worth noting is that while Russia agreed to cooperate with OPEC in the next (2017) reduced by 300,000 barrels a day earlier this year, but stressed that the November capacity as a benchmark. In other words, even if the Russian production, its output is still more than half-peak of excess crude oil this year, and more.
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