Author Topic: From Istanbul to Vienna The OPEC Oil Production Deal Schedule  (Read 4592 times)

TradersCom

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OPEC officials will be playing coffee diplomats over the next six weeks to come up with a concrete deal to cut production agreed last week in Algiers. It will be a very hard sell with Iraq, Russia and Iran all increasing production at a frantic pace. Saudi Arabia is increasing exports rapidly also.

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"Consultations remain ongoing among the OPEC-14, the High Level Committee initiated by the OPEC conference is moving forward on the implementation of the Algiers decision," said OPEC Secretary General Mohammad Barkindo at the G-24 ministerial meeting in Washington.

 
Some strong Turkish coffee to clinch this deal, when they start in Istanbul at the World Energy Congress from Oct. 9-13. OPEC energy ministers will meet each other and Russian officials for informal talks. Russia's Energy Minister Alexander Novak said in a statement he expected an output freeze deal before the OPEC meeting on Nov. 30. Who is cutting production though?

OPEC on Sept. 28 agreed to reduce output in ts first output cut since the 2008 financial crisis to a range of 32.50 million barrels per day to 33.0 million bpd. They formed a 'High Level Committee' but did not address how much each of the 14 OPEC members will produce which as I said is now more problematic with even higher production.

OPEC High Level Committee's first meeting is expected to take place at OPEC's Vienna headquarters around Oct. 28-29. From here meetings of the OPEC governors to discuss OPEC's long-term strategy from Nov. 1-4.

A technical meeting of OPEC's national representatives then meet in Vienna on Nov. 23-24, followed possibly by a second meeting of the High Level Committee on Nov. 25, OPEC sources said, which will then present its recommendations to the ministers when they meet at the next ministerial meeting on Nov. 30

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"Steps are being taken to further develop a framework for high-level consultations between OPEC and non-OPEC oil-producing countries. We believe there is firm and common ground for continuous collaborative efforts among producers, both within and outside OPEC." added OPEC Secretary General Mohammad Barkindo

So if you trade oil expect lots of nosie and news algo related shifts, changing analtys calls and lots of coffee. Nothing new perhaps but news services will make it seem like it.

From Traders Community News Desk
« Last Edit: October 07, 2016, 11:52:46 AM by TradersCom »
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ThePitBoss

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Thank you for the schedule - am off to Costco to get more coffee - they will need to keep up their rhetoric - seems market has bought into the hype of $60 oil
Live From The Pit

TradersCom

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Ben Greene ‏@TheStopHunter 
The last time the managers were this long was in Apr/May 2015. Different context though. They got smashed...

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TradersCom

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Igor Sechin, head of state-controlled energy giant Rosneft, said his company will not cap oil production as part of a possible agreement with the Organization of the Petroleum Exporting Countries (Opec), Reuters reported.

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TradersCom

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Saudi Arabia sees its crude reserves of 266.5 billion barrels lasting 70 more years and hasnít sought an independent consultant to review the figures - Bloomberg News.

Saudi Arabia plans to sell at least $10 billion in bonds maturing in five, 10 and 30 years. 
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TradersCom

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Saudi Arabia sees its crude reserves of 266.5 billion barrels lasting 70 more years and hasnít sought an independent consultant to review the figures - Bloomberg News.

Saudi Arabia plans to sell at least $10 billion in bonds maturing in five, 10 and 30 years.

NOW THAT #SAUDI IS SAYING THAT IT HAS 70 YEARS LEFT OF OIL
266.5 BILLION BARRELS DIV BY 70 YEARS= 25497.5 DAYS
= 10.452MBPD #OOTT @Samir_Madani
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TradersCom

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Igor Sechin, head of state-controlled energy giant Rosneft, said his company will not cap oil production as part of a possible agreement with the Organization of the Petroleum Exporting Countries (Opec), Reuters reported.

An hour later - Rosneft has seemingly reversed this stance - now  says that Rosneft will oblige by an oil output freeze agreement if OPEC makes a decision and Russia joins it.
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TradersCom

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OPEC sec gen Barkindo speaking in Turkey

We are not targeting a specific price for oil
Until we get the market to rebalance we will not be able to achieve a fair oil price
We are not interested in or are targeting a specific price
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TradersCom

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Herman Wang ‏@HermsTheWord
Libya oil production now 520,000 b/d, highest since Apr 2015, chairman of state-owned NOC, told @PlattsOil Tuesday. h/t @eklavyagupte
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TradersCom

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Putin via Reuters

Freezing output at current levels is in the world's interest
May consider cutting production but there is no need for this
Says he sees no obstacles for a global agreement on a freeze
Saudi and Iranian position on a freeze became closer
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ClemSnide

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 These OPEC boys espouse one thing. . hanging around has its advantages.
The name is Clem Snide - I'm a Private Ass Hole - I will do anything difficult dangerous or downright dirty for a price...

TradersCom

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Latest out of  Russian oil minister Novak after meeting with OPEC members

Russia considers freeze as effective tool to stabilize markets
We consider different options on oil market stabilization
Key task is reaching the market faster
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TradersCom

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Russia's Novak says Global oil freeze deal is unlikely to fail just because of Iraq
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TradersCom

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The charade continues with WTI futures up $2 Libyan governor says OPEC technical committee has not yet decided on individual country targets after day one
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TradersCom

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Speculators took WTI over $49.20 and then Iraq foreign minister spoke ..

Thinks Iraq should be allowed to increase output

Price fell back to 47.70 trades 48.18 here
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TradersCom

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Reuters sources

- Recommend minister debate that an oil output cut of between 4% & 4.5% for each member be debated next week
- Libya and Nigeria could be excluded from cuts
- Sources say Iran, Iraq and Indonesia have reservations about a cut
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TradersCom

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This comment sums it up via @DigStic

Let's ignore the elephant in the room. It might just go away.

Replying to @stewhampton

*OPEC COMMITTEE SAID TO DEFER ISSUE OF IRAN, IRAQ CUTS TO NOV 30

*DETAILS OF OPEC CUTS MUST BE RESOLVED BY MINISTERS: 2 DELEGATES
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TradersCom

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At the end of the day OPEC has been great for Shale keeping the price up as always here are great points from Herman Wang ‏@HermsTheWord 

US shale poised to make or break #OPEC's freeze plan. My analysis from yesterday.

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TradersCom

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So after more disinformation we have this for the final day from OPEC

OPEC has released the TENTATIVE schedule for Wednesday Nov 30 meeting in Vienna (all local time, GMT+1) via @JavierBlas2


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TradersCom

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Latest OPEC: Iraq agrees to freeze, not cut from 4.55 mbpd - DJ 'sources'
OPEC been looking for 4.36 mbpd from Iraq

Iran considering production freeze once it reaches 3.97 million barrels per day of production in early 2017
Iraq has agreed to use secondary sources as a baseline
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TradersCom

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Latest OPEC: Iraq agrees to freeze, not cut from 4.55 mbpd - DJ 'sources'
OPEC been looking for 4.36 mbpd from Iraq

Iran considering production freeze once it reaches 3.97 million barrels per day of production in early 2017
Iraq has agreed to use secondary sources as a baseline

Jan WTI Trades 44.82 as large spec longs get stopped on OPEC
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TradersCom

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So after more disinformation we have this for the final day from OPEC

OPEC has released the TENTATIVE schedule for Wednesday Nov 30 meeting in Vienna (all local time, GMT+1) via @JavierBlas2




Expecting a big night? OPEC delays start of Wednesday meeting by one hour to 1000 GMT - OPEC source
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TradersCom

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Not convincing Kuwait's oil minister Feels positive whether there is a deal or not
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TradersCom

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So anyhoo #OPEC wants Iran to freeze output at 3.797 mbpd & Iran wants to produce about 200k more
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TradersCom

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OPEC papers propose total output cut of 1.2 mbpd from Oct levels via Reuters

Saudi output proposed at 10.07m from 10.54m bpd
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