Non-OPEC’s Mixed Bag

The non-Opec signatories to the late-2016 output deal pledged to cut just under 600,000 b/d, of which 300,000 b/d from Russia. Russia hit this for the first time in August and repeated the trick in September, although it remains around 80,000 b/d above target on average over 2017 so far.

The second largest non-Opec signatory is Kazakhstan, but it is struggling to come close to its targeted 20,000 b/d cut as it ramps up output from the long-delayed Kashagan field.

Venezuelan Oil Minister Eulogio del Pino said in Moscow this week that up to 12 additional countries have been invited to participate in the cuts – currently there are 11 non-Opec participants. But it seems unlikely that any of these countries would be sufficiently large-scale producers to make a sizeable impact on global markets.


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