Russia, Iraq say too soon to talk of extending oil output curbs

OPEC Secretary General Mohammed Barkindo
CNBC OPEC Secretary General Mohammed Barkindo
Author

07 March, 2017

The conference, which will continue until March 10, is expected to focus on the impact of OPEC and Russia's decision to restrict oil production in the global oil market and crude oil prices along with the effects of the new USA government's energy policies on markets and companies.

It is too soon for the world's top oil exporters to discuss extending a historic deal to curb output beyond June, oil ministers from Iraq and Russian Federation said on Monday at the CERAWeek conference in Houston.

Azerbaijan submitted the daily oil production data for February 2017 to the OPEC Joint Technical Committee (JTC) as part of implementation of the Vienna agreement to cap oil output, Azerbaijan's Energy Ministry told Trend.

Pointing to U.S. President Donald Trump's promise to reduce regulations in the sector in order to launch an "energy revolution" in the country, experts indicate that American energy companies will have a more positive view in the conference.

Crude oil prices drifted lower early Monday after China lowered its economic growth estimate and USA exploration and production activity gained further ground.

If prices remain closer to $50, shale output could fall from the early party of the next decade.

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Birol made reference to 2008, when prices spiked to more than $140 USA per barrel, saying that without new investment, the oil market could be tighter in 2022 than it was in 2008. "But this is no time for complacency". "We may see markets tighten around 2020 and spare production capacity shrink big time". "And unless investments globally rebound sharply, a new period of price volatility looms on the horizon".

"US rig counts have almost doubled from their lows in May 2016, which has contributed to a rebound in crude production stateside to over 9 million barrels per day (bpd)".

OPEC's compliance with promised cuts of 1.2 million bpd rose to 94 percent in February, but Saudi Arabia was responsible for the bulk of them, Reuters data showed.

Even with sanctions from the US and Europe, Russia's oil sector has grown, adding 400,000 barrels per day in the past two years, the Russian Energy minister said.

Non-OPEC supply is expected to grow by 3.3 million bpd to 60.9 million bpd by 2022, led by the United States, accelerating sharply in 2018 and 2019 before slowing thereafter, the IEA said. "We expect this upswing in production to continue throughout 2017 due to the rise in rig activity, increased capital expenditure budgets, and the roughly two- to four-month lag between spudding shale wells and production", the agency noted.


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