OPEC agreed to set a new oil-output ceiling of 31.5 million barrels a day, a level that’s in line with the group’s most recent production estimate. Crude fell as much as 3.6 percent in New York.Bloomberg/Rigzone is reporting that Alberta's jobless rate exceeds that of Ontario's for the first time in two decades.
The increase is from a previous output target of 30 million barrels and does not include production from Indonesia, which joined the producer group after a break of almost seven years, according to a delegate with knowledge of the matter, who asked not to be identified because the decision hasn’t been made public. OPEC pumped about 31.4 million barrels a day of crude in October.
Venezuela, whose foreign currency reserves are at the lowest level in 12 years, led calls for a reduction in output, supported by Ecuador.
Iran is poised to boost output after sanctions over its nuclear program are lifted and it won’t seek permission from OPEC to do so. OPEC requires consensus among members to alter its output ceiling. Global oil stockpiles have risen to record levels as Saudi Arabia, Russia and Iraq boosted supply.
The market is oversupplied by as much as 2 million barrels a day, equivalent to about 2 percent of global output.
Friday, December 4, 2015
OPEC Meeting Summary -- December 4, 2015
There is one important data point in this entire article, reported by Bloomberg at Rigzone:
Brian Wilson and Sir George Martin In The Studio
Posted by Bruce Oksol at 10:56 PM