{"id":40403,"date":"2018-11-11T12:30:37","date_gmt":"2018-11-11T17:30:37","guid":{"rendered":"http:\/\/olduvai.ca\/?p=40403"},"modified":"2018-11-11T12:30:50","modified_gmt":"2018-11-11T17:30:50","slug":"opec-floats-1-million-barrel-production-cut-after-oil-price-tumbles-into-bear-market","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=40403","title":{"rendered":"OPEC+ Floats 1 Million Barrel Production Cut After Oil Price Tumbles Into Bear Market"},"content":{"rendered":"<aside class=\"layout-featured\" role=\"complementary\">\n<div class=\"region region-header\">\n<div id=\"block-views-block-contributors-block-1\" class=\"views-element-container block block-views block-views-blockcontributors-block-1\">\n<div>\n<div class=\"view view-contributors view-id-contributors view-display-id-block_1 js-view-dom-id-96e1b7ce430d7b8109c6021cf454ff7e058e6932bdf2e85a2db4e41bbfdb1406\">\n<div class=\"view-content\">\n<div class=\"views-row\">\n<article class=\"node node--type-contributor-article node--view-mode-teaser\" role=\"article\">\n<div class=\"teaser-header\">\n<h3 class=\"teaser-header-text\"><a href=\"https:\/\/www.zerohedge.com\/news\/2018-11-11\/opec-floats-1-million-barrel-production-cut-after-oil-price-tumbles-bear-market\">OPEC+ Floats 1 Million Barrel Production Cut After Oil Price Tumbles Into Bear Market<\/a><\/h3>\n<\/div>\n<\/article>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/aside>\n<div class=\"layout-content\">\n<div class=\"region region-header\">\n<div id=\"block-zerohedge-content\" class=\"block block-system block-system-main-block\">\n<article class=\"node node--type-article node--view-mode-full\" role=\"article\" data-gtm-vis-recent-on-screen-2077925_22=\"1088\" data-gtm-vis-first-on-screen-2077925_22=\"1088\" data-gtm-vis-total-visible-time-2077925_22=\"100\" data-gtm-vis-has-fired-2077925_22=\"1\">\n<div class=\"node__content\">\n<div class=\"clearfix text-formatted field field--name-body field--type-text-with-summary field--label-hidden field__item\">\n<p>With oil prices entering a bear market last week, tumbling 21% from recent highs as it became clear that Trump will significantly water down Iran oil export sanctions by granting waivers to its 8 largest clients even as US inventory stockpiles are once again rising amid almost weekly records in US oil production, OPEC and its non-OPEC allies &#8211; which is pretty much everyone except US shale producers &#8211; are starting to sweat, and during today&#8217;s meeting in Abu Dhabi they hinted that an oil output cut to limit excess production may be coming.<\/p>\n<p><a href=\"https:\/\/www.zerohedge.com\/sites\/default\/files\/inline-images\/wti%20crude%2011.11.jpg?itok=sOA8s4cT\" data-image-external-href=\"\" data-image-href=\"\/sites\/default\/files\/inline-images\/wti%20crude%2011.11.jpg?itok=sOA8s4cT\" data-link-option=\"0\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.zerohedge.com\/sites\/default\/files\/inline-images\/wti%20crude%2011.11.jpg\" srcset=\"https:\/\/www.zerohedge.com\/sites\/default\/files\/styles\/inline_image_desktop\/public\/inline-images\/wti%20crude%2011.11.jpg?itok=sOA8s4cT 1x\" alt=\"\" width=\"500\" height=\"231\" data-entity-type=\"file\" data-entity-uuid=\"6caaf7ee-0e7b-4a68-ac65-66cf6f9a058e\" data-responsive-image-style=\"inline_images\" \/><\/a><\/p>\n<p>Speaking to reporters,\u00a0Oman\u2019s Oil Minister Mohammed Al-Rumhy said that &#8220;a number of global producers agree they should pump less oil in 2019, and a reduction of 1 million barrels a day would be a good number&#8221; according to Bloomberg. Others echoed his sentiment, floating a range of cutbacks, however the most often cited number was a decrease in output by as much as 1 million barrels a day, roughly the amount of Iranian oil production that is expects to continue flowing thanks to the recent sanction waivers.<\/p>\n<p>&#8220;I think probably there is support that right now there is too much oil in the market and stock, inventories are building up,&#8221; Al-Rumhy told reporters today in the UAE capital.<\/p>\n<hr \/>\n<div class=\"Tweet-header\"><a class=\"TweetAuthor-avatar Identity-avatar u-linkBlend\" href=\"https:\/\/twitter.com\/Amena__Bakr\" data-scribe=\"element:user_link\" aria-label=\"Amena Bakr (screen name: Amena__Bakr)\"><img decoding=\"async\" class=\"Avatar\" src=\"https:\/\/pbs.twimg.com\/profile_images\/1052145027382697984\/oVeg6uHI_normal.jpg\" alt=\"\" data-scribe=\"element:avatar\" data-src-2x=\"https:\/\/pbs.twimg.com\/profile_images\/1052145027382697984\/oVeg6uHI_bigger.jpg\" data-src-1x=\"https:\/\/pbs.twimg.com\/profile_images\/1052145027382697984\/oVeg6uHI_normal.jpg\" \/><\/a><\/div>\n<div class=\"Tweet-body e-entry-content\" data-scribe=\"component:tweet\">\n<p class=\"Tweet-text e-entry-title\" dir=\"ltr\" lang=\"en\">Oman min says a 1 million cut would be a good start <a class=\"PrettyLink hashtag customisable\" dir=\"ltr\" href=\"https:\/\/twitter.com\/hashtag\/OOTT?src=hash\" rel=\"tag\" data-query-source=\"hashtag_click\" data-scribe=\"element:hashtag\"><span class=\"PrettyLink-prefix\">#<\/span><span class=\"PrettyLink-value\">OOTT<\/span><\/a> <a class=\"PrettyLink hashtag customisable\" dir=\"ltr\" href=\"https:\/\/twitter.com\/hashtag\/opec?src=hash\" rel=\"tag\" data-query-source=\"hashtag_click\" data-scribe=\"element:hashtag\"><span class=\"PrettyLink-prefix\">#<\/span><span class=\"PrettyLink-value\">opec<\/span><\/a><\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/article>\n<\/div>\n<\/div>\n<\/div>\n<hr \/>\n<p dir=\"ltr\" lang=\"en\">Of course, OPEC can not be seen as responding to every political whim in the White House, especially if it will result in higher gasoline prices and an angry Donald Trump, so a technical committee representing the coalition framed the need for a production cut in the context of its projections according to which the global oil surplus &#8211; which hit unprecedented levels in 2015 &#8211;<\/p>\n<p>\u2026click on the above link to read the rest of the article\u2026<\/p>\n<p dir=\"ltr\" lang=\"en\">\n","protected":false},"excerpt":{"rendered":"<p>OPEC+ Floats 1 Million Barrel Production Cut After Oil Price Tumbles Into Bear Market With oil prices entering a bear market last week, tumbling 21% from recent highs as it became clear that Trump will significantly water down Iran oil export sanctions by granting waivers to its 8 largest clients even as US inventory stockpiles [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2,3],"tags":[1750,83,1997,441,22914,592,595,5963,600,827,1474,846,4318],"class_list":["post-40403","post","type-post","status-publish","format-standard","hentry","category-economics","category-energy-2","tag-bear-market","tag-bloomberg","tag-economic-sanctions","tag-iran","tag-mohammed-al-rumhy","tag-oil-price","tag-oil-production","tag-oman","tag-opec","tag-united-states","tag-us-oil-production","tag-us-shale-oil","tag-zerohedge"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/40403","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=40403"}],"version-history":[{"count":2,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/40403\/revisions"}],"predecessor-version":[{"id":40405,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/40403\/revisions\/40405"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=40403"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=40403"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=40403"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}