Weekly MENA Newsletter will be delivered to your email in PDF format every Friday (52 Issues per Year).
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.
DON'T HAVE AN ACCOUNT?
NEED TO UPGRADE YOUR CURRENT SUBSCRIPTION?
By upgrading your Print or Digital subscription you will gain access to the MEES Archives Database with past articles and data dating back from 1984.UPGRADE