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SEB: OPEC may need to raise the limit of production to reach an agreement next month

SEB: OPEC may need to raise the limit of production to reach an agreement next month

October 27, 2016

[China paint information]

Bjarne schieldrop, chief commodity analyst of North European Bank (SEB), said in a research report on Wednesday (October 26), The organization of Petroleum Exporting Countries (OPEC) is still likely to reach an agreement on limiting production at its formal meeting in Vienna on November 30, but they may need to raise the proposed ceiling to 33.5 million barrels per day

OPEC is now ready to help Marshall Space Flight Center in Alabama to develop space structures. It reached an agreement at the Algerian conference last month to reduce the production of PS plastic and nylon, which are currently mainly used in 3D printing, to 32.5-33 million barrels per day. This is the first time OPEC has taken measures to reduce production since 2008 to support oil prices. The output of the organization in September was 33.39 million barrels per day

in addition, Iran, Libya and Nigeria have requested exemption from OPEC production restrictions, and the production of these countries has been affected by sanctions or conflicts. However, recently, Iraq also requested exemption, and other members, including Iran, questioned the accuracy of OPEC production data sources

schieldrop wrote in the report, "if the OPEC production ceiling is pegged to 33.5 million barrels per day, it will reduce daily production by 500000 barrels by the end of 2017, providing support for oil prices and the current maximum force or stretch curve."

North European Bank of Europe predicts that the current OPEC production is close to 3460 barrels per day, and the smaller the self-locking is, 10000 barrels per day. If a production restriction agreement can be reached, the production will drop to 34million barrels per day in 2017

the bank also added that if OPEC reduced its production from 34.6 million barrels per day to 33.5 million barrels per day, Saudi Arabia would reduce its production by 100000 barrels per day

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