Gazprom Neft Hit Hard From OPEC Production Cut

6 Oct 2017   Russia

Thursday . A new Reuters report also says Dyukov maintains that Gazprom’s production strategy has supported the international agreement to lower oil output and rebalance global markets on the supply side. In concert with the Organization of Petroleum Exporting Countries, Russia agreed to lower production by 300,000 barrels per day last November. OPEC itself was on the hook to bring down bloc-wide output by 1.2 million bpd. Though the cartel’s compliance topped 100 percent during the early months of the agreement’s implementation, Nigeria and Libya have ramped up production since then. The latest figures show OPEC compliance leaning towards 80 percent. Originally, OPEC members Nigeria and Libya had been granted exceptions to the deal due to months and years of domestic strife, respectively. Both nations have experienced a dramatic resurgence in their oil sectors since January, however. The change of outlook in Nigeria led Abuja to declare that it […]

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