OPEC cut 65 percent of production so farFebruary 13th, 2009 - 9:12 pm ICT by IANS
Vienna, Feb 13 (DPA) Members of the Organisation of Petroleum Exporting Countries (OPEC) have implemented nearly two-thirds of the production cuts of 4.2 million barrels per day (b/d) they agreed to last September, an OPEC report said Friday.
In its monthly market report, the Vienna-based cartel also further reduced its global demand estimates for 2009.
OPEC members, excluding Iraq, have reduced their total oil output by 2.7 million b/d so far, 64.7 percent of the amount they agreed to slash in two steps since September.
“Basically OPEC discipline seems to be quite good,” said Ehsan Ul-Haq, head analyst at JBC Energy in Vienna. Compliance with agreed production levels could reach 75 percent, he said.
OPEC said global oil consumption would shrink by 0.67 percent to 85.13 million b/d this year, lowering its previous forecast by 530,000 b/d.
Owing to the current economic depression, demand in industrialised countries would drop by 2.38 percent, the report predicted.
- OPEC delegates to keep oil output steady - Sep 09, 2009
- OPEC oil price stays in $40 range - Jan 23, 2009
- OPEC expects increase in 2013 world crude oil demand - Jul 12, 2012
- OPEC lowers demand outlook despite supply rise - May 13, 2009
- OPEC oil price keeps fluctuating - Nov 08, 2011
- OPEC oil price rises as cartel curbs production - Dec 18, 2008
- OPEC predicts declining oil demand and oversupply for 2009 - Dec 16, 2008
- Venezuela surpasses Saudi Arabia in oil reserves - Jul 20, 2011
- OPEC cartel faced with future risks in its 50th year - Sep 10, 2010
- OPEC again lowers oil demand forecast for 2009 - Nov 18, 2008
- OPEC oil price rises above $46 to a barrel - Jan 07, 2009
- OPEC oil prices continue to rise - Mar 13, 2012
- Energy group sees rising world oil demand, production - Aug 12, 2009
- OPEC ready for more output cuts to boost oil prices - Jan 31, 2009
- OPEC decides to keep oil output unchanged (Lead) - Mar 16, 2009
Tags: compliance, demand estimates, discipline, dpa, economic depression, global demand, global oil, head analyst, industrialised countries, iraq, oil consumption, oil output, opec, opec members, petroleum exporting countries, two steps, two thirds, vienna based cartel