Markets

Non-OPEC oil producers to cut output 558000 barrels a day

Non-OPEC oil producers to cut output 558000 barrels a day

Eleven non-OPEC oil-producing states including Russian Federation agreed Saturday to cut their output by 558,000 barrels per day, OPEC said, in a joint bid to boost a saturated global market.

The 558,000 barrels per day cut was lower than the target of 600,000 that the cartel had envisioned for non-OPEC countries.

The meeting of non-OPEC countries took place in Vienna earlier in the day, after OPEC countries agreed to cut oil production by 1.2 million barrels per day on November 30.

Saudi Arabia has informed its crude oil customers that supply cuts will be enforced from January onwards to comply with the Opec output reduction agreed last week. He pointed out that the OPEC and non-OPEC countries represented at the output reduction talks in Vienna account for more than half of global supplies.

"They are all enjoying higher prices and compliance tends to be good in the early stages".

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Oil prices have more than halved in the past two years after Saudi Arabia raised output steeply in an attempt to drive higher-cost producers such as US shale firms out of the market. Oil closed at $51.58 on Friday, up 6 percent since the OPEC production cut was announced. Novak said talks between OPEC and non-OPEC had been rescued after Saudi Arabia replaced veteran oil minister Ali al-Naimi with Falih, who "had fresh views and ideas".

The 11 non-OPEC countries taking part in the agreement are Russia, Azerbaijan, Kazakhstan, Bahrain, Brunei, Equatorial Guinea, Malaysia, Mexico, Oman, Sudan, and South Sudan.

Opec's 13 members - Algeria, Angola, Ecuador, Gabon, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, United Arab Emirates and Venezuela - all placed their own differing budget pressures and market share priorities on the table whenever the issue of output slashing came up. The meeting is attended by 12 non-OPEC countries.

"We expect the meeting between Opec and non-Opec producers to result in a credible document, which we think will be supportive for prices", said Bjarne Schieldrop, chief commodities analyst at top Nordic corporate bank SEB.


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