OPEC Secretary-General Mohammad Barkindo said on Jan. 19 the organization registered 133% compliance with agreed output reduction targets in January across all participating OPEC and non-OPEC countries.
Barkindo said compliance last year stood at 107% and that OPEC and non-OPEC producers would hold a technical meeting in June.
The OPEC Secretary-General made the comments while speaking at a conference in Nigeria’s capital Abuja.
Commercial oil stocks for the OECD rose in January 2018 and were about 74 million barrels over the latest five-year average, he said.
Global oil demand for 2018 is estimated to grow 1.6 million barrels per day due to an “encouraging environment,” Barkindo added.
Recommended Reading
President: Financial Debt for Mexico's Pemex Totaled $106.8B End of 2023
2024-02-21 - President Andres Manuel Lopez Obrador revealed the debt data in a chart from a presentation on Pemex at a government press conference.
Some Payne, But Mostly Gain for H&P in Q4 2023
2024-01-31 - Helmerich & Payne’s revenue grew internationally and in North America but declined in the Gulf of Mexico compared to the previous quarter.
Uinta Basin: 50% More Oil for Twice the Proppant
2024-03-06 - The higher-intensity completions are costing an average of 35% fewer dollars spent per barrel of oil equivalent of output, Crescent Energy told investors and analysts on March 5.
In Shooting for the Stars, Kosmos’ Production Soars
2024-02-28 - Kosmos Energy’s fourth quarter continued the operational success seen in its third quarter earnings 2023 report.
M4E Lithium Closes Funding for Brazilian Lithium Exploration
2024-03-15 - M4E’s financing package includes an equity investment, a royalty purchase and an option for a strategic offtake agreement.