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For the Chinese 2018 is the year of the dog, but for UAE Energy Minister Suhail al- Mazrouei 2018 will be “the year of fully correcting the market.”
Mr Mazrouei, beginning his one-year term as Opec president, told the Gulf Intelligence UAE Energy Forum on 11 January that Opec is committed to another “full year” of cuts in accordance with November’s agreement ( MEES, 1 December 2017 ).
For sure, Opec last year secured its first annual output fall since 2014: production averaged 32.49mn b/d. However, the big caveat is that this was just 130,000 b/d shy of 2016’s record 32.62mn b/d and the second highest on record. That said, the cut was implemented despite Iran, Libya and Nigeria all chalking up sizeable production gains as they bounced back from geopolitical outages. (CONTINUED - 1613 WORDS)
DATA INSIDE THIS ARTICLE
|chart||Opec Production, 2017 V 2016: (Mn B/D) Libya, Iran Lead The Way With Major Gains...|
|chart||....For December 2017 Saudi And Iraq Year-On-Year Falls Are Exacerbated By Their Late 2016 Ramp Up|
|table||Opec Wellhead Production, December 2017 (Mn B/D, Mees Estimates)|
|chart||Russian Crude Output Averages Record 10.98mn B/D In 2017 And 10.94mn B/D Since May, Fractionally Above 10.93Mn B/D Opec Deal Target*|