Economy

Opec to open oil taps

Opec to open oil taps

In reality, ministers said several countries are unable to pump more so the real output boost would have been smaller - ranging from Iran's 500,000 barrel-a-day estimate up to Iraq's prediction for as much as 800,000.

The structure behind the deal that pressed the Organization of the Petroleum Exporting Countries (OPEC) to increase production is why oil prices climbed in response to the news, says Liberty Oilfield Services Chairman and CEO Chris Wright.

Al Jazeera's Paul Brennan explains why.

"Saudi Arabia obviously can deliver as much as the market would need, but we're going to be respectful of the 1 million barrel cap - and at the same time be respectful of allocating some of that to countries that deliver it", Al-Falih said.

After a meeting in Vienna, Emirati Energy Minister Suhail al-Mazrouei said the cartel made a decision to fully comply with its existing production ceiling.

Oil slips on U.S.-China trade dispute, OPEC supply outlook
Roberts said Opec could boost production by about a million barrels day fairly rapidly, but several Opec countries have problems. Crude prices rallied in London on Monday after two weeks of losses, trading above $74 a barrel.

Opec members have agreed on a combined increase in crude oil output of one million barrels per day, the oil minister of the Saudi Arabia said on Friday.

Russian Federation and other non-OPEC oil producers will now meet OPEC in a bid to secure their participation in the pact. The minister said the difference between that amounts to "a little bit less than 1 million barrels".

Oil hit almost $80 per barrel last month, sending gasoline prices in the United States above $3 per gallon in many areas for the first time in years.

By not setting individual targets, the OPEC deal appeared to give Saudi Arabia the leeway to produce more than its previous OPEC quota and fill the gap left by those such as Venezuela who can not pump enough to meet their official allocation.

Because the cartel had been producing below that ceiling, that effectively means an increase in production.

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The group gathered in Vienna against a backdrop of calls from the United States, China and India to cool down the price of crude and prevent an oil deficit that would hurt the global economy. US President Donald Trump had re-imposed sanctions on Tehran - and hence they have fewer buyers.

Instead the producers are seeking to cut no deeper than 1.2 million bpd, the target they set in November 2016. The measure had helped rebalance the market in the past 18 months and lifted oil LCOc1 to around $75 per barrel from as low as $27 in 2016.

Support for the increase, which had been proposed by Saudi Arabia against objections from Iran, was unanimous, he said.

"The aim of the deal is to return total compliance to the current output agreement to 100%". The overall figure for compliance came in at 162 percent for May, up from the recent April highs of 149 percent, due to the unexpected supply disruptions out of Venezuela, Iran, Libya and Nigeria. That has since then helped push up the price of oil by nearly 50 per cent.

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