OPEC Compliance Slips

Friday, November 05, 1999
OPEC compliance with supply curbs appears to have fallen in October but from a level revised higher for September, according to a leading consultant. Preliminary indications from shipping and oil industry data are that OPEC October supply rose 230,000 barrels a day to 26.52 million bpd from a revised 26.29 million in September, Geneva's Petrologistics told clients on Wednesday. Output from the 10 OPEC members, excluding Iraq, that agreed output reductions in March was 23.62 million in October compared to 23.40 million in September, Petrologistics estimated. That would put output reduced by the 10 at 3.672 million bpd in October, or 85 percent of a targeted 4.316 million bpd of cuts, compared to 3.892 million bpd or 90 percent compliance with the target in September. Petrologistics said that the main change on the month was a rise of 115,000 bpd from Nigeria to 1.89 million bpd after community disturbances hit supply in September. It also recorded small rises from Iran, Kuwait and Saudi Arabia. The Petrologistics report revised down a previous estimate of September output from the OPEC 10 of 23.725. That had put cuts compliance at 82.6 percent. - (Reuters)
Maritime Reporter October 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Offshore

Pile Testing for Wikinger Wind Farm Launched

In October 2014 the first phase of the pile testing campaign for the Wikinger offshore wind farm project was launched after the site’s geotechnical investigation on the Baltic Sea had been completed.

Damen, Palfinger Upgrade North Sea Jack-Up Rig

With the support of Palfinger systems JUMP technology, Damen Shiprepair Vlissingen has completed an upgrade of a Keppel Fels ‘N’ Class drilling rig, one of the largest in the North Sea,

Vietnam Warship Visits Underscore Regional Tension

Vietnam on Tuesday showed off its two most powerful warships in the first-ever port call to the Philippines but an official said it was not trying to challenge

Finance

Matson Raises Guam, Micronesia Rates

Matson, Inc., a U.S. carrier in the Pacific, announced today that Matson Navigation Company, Inc. will raise its rates for the company's Guam/Commonwealth of the

Shipbuilding Regulations: Cents and Sensibility

Addressing the Jones Act is just one aspect of an increasingly complicated boatbuilding environment. Stovepiped, poorly conceived regulations is another. The sting of the recession is fading,

Ship Broker Clarkson Looks to Acquire Platou

Top ship broker Clarkson is seeking to acquire Norwegian brokerage and investment bank RS Platou for 281.2 million pounds ($441 million) in a deal that would create

 
 
Maritime Security Maritime Standards Naval Architecture Navigation Pipelines Ship Electronics Ship Repair Ship Simulators Sonar Winch
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.2271 sec (4 req/sec)