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OPEC reduced oil output 2.7m b/d

OPEC reduced oil output 2.7m b/d
Members of the Organization of the Petroleum Exporting Countries (OPEC) have implemented nearly two-thirds of the production cuts of 4.2 million barrels per day.

Members of the Organization of the Petroleum Exporting Countries (OPEC) have implemented nearly two-thirds of the production cuts of 4.2 million barrels per day.

Members of the Organization of the Petroleum Exporting Countries (OPEC) have implemented nearly two-thirds of the production cuts of 4.2 million barrels per day (b/d) that they agreed to last September, an OPEC report showed. In its monthly market report, the Vienna-based cartel also further reduced its global demand estimates for 2009. OPEC members, excluding Iraq, have reduced their total oil output by 2.7 million b/d so far, 64.7 per cent of the amount they agreed to slash in two steps since September.

"Basically OPEC discipline seems to be quite good," said Ehsan Ul-Haq, head analyst at JBC Energy in Vienna. Compliance with agreed production levels could reach 75%, he said.

OPEC said global oil consumption would shrink by 0.67 per cent to 85.13 million b/d this year, lowering its previous forecast by 530,000 b/d.

Owing to the current economic depression, demand in industrialized countries would drop by 2.38%, the report predicted.

www.TurkishMaritime.com.tr

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