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Indonesia's return «OPEC» hold a decision to set the production ceiling
OCTOBER 11TH, 2015
Would welcome the OPEC meeting in December, the return of Indonesia to the organization, which will be held decision Is its goal to produce oil change.
After the refusal to cut production last year, the organization is pumping a lot more than the target level of 30 million barrels per day due to a record production of Iraq, Saudi Arabia and increases less than other members .
and raise the return of Indonesia number of OPEC members to 13 countries and add about 900 thousand barrels per day to production organization. And it will pay that OPEC supply to rise to about 32.5 million barrels a day, which requires theoretically raise the target level of production.
This complicates things for the organization where they increase production weaken prices in the past and may re-raised the thorny issue of the production quotas of the Member States. The price of oil is slightly higher than $ 53 a barrel is not much higher than the lowest level in six years.
He said an observer to OPEC requested anonymity «I'd be concerned if you change OPEC production ceiling because it would open the door to a debate on quotas .. ceiling increase raises many issues.»
It will be Indonesia's fourth-smallest producer in OPEC. And pumped state located in Southeast Asia 910 thousand barrels per day in August, while the current Member States has pumped 31.57 million barrels a day, according to estimates of the International Energy Agency.
He said some delegates in OPEC, that through this becomes a level of 30 million barrels per day target is outdated.
Delegate in The organization also asked not to be named «not logically determine the 30 million barrel ceiling for the production of thirteen state .. will be added Indonesia only are most likely to happen.»
and excludes Other delegates in OPEC idea of increasing the target for the Organization of the level of production and said that it was not subject to discussion after and it may not happen or confirmed that the increase to accommodate Indonesia will not raise actual production.
The second delegate «even if the ceiling rose, it would be an artificial and only on paper .. will be added on paper but global supply will not change. Will not affect the global supply.
»May open the debate about the production thorny issue as to whether the organization would work allocated to each Member State of production quotas or not the roof. And canceled the OPEC quota system, which was for a long time a source of bickering and differences identified in his place a ceiling on production at 30 million barrels per day from the beginning of 2012.
Due to changes in the production of Member States levels since then because of events such as the unrest in Libya and the growth of production of Iraq and sanctions on Iran, the issue of quotas It is still sensitive and politically, where market share and national prestige is at stake.
According to some members of the organization in the absence of the quota license states capable of raising production, such as Saudi Arabia and Iraq regime to increase its share of the market.
A third representative in OPEC «without the quota, any production ceiling is the glory and sexy ridiculous.
«You can not some countries production as it did before because of the sanctions, such as Iran or Libya. It is an opportunity for certain countries to seize the share of these countries in the market.
»And called on Iran to re-OPEC quota system in the former Organization meeting in June, but the idea did not find enough support. OPEC meets on the fourth of December to decide on production policy.
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OCTOBER 11TH, 2015
Would welcome the OPEC meeting in December, the return of Indonesia to the organization, which will be held decision Is its goal to produce oil change.
After the refusal to cut production last year, the organization is pumping a lot more than the target level of 30 million barrels per day due to a record production of Iraq, Saudi Arabia and increases less than other members .
and raise the return of Indonesia number of OPEC members to 13 countries and add about 900 thousand barrels per day to production organization. And it will pay that OPEC supply to rise to about 32.5 million barrels a day, which requires theoretically raise the target level of production.
This complicates things for the organization where they increase production weaken prices in the past and may re-raised the thorny issue of the production quotas of the Member States. The price of oil is slightly higher than $ 53 a barrel is not much higher than the lowest level in six years.
He said an observer to OPEC requested anonymity «I'd be concerned if you change OPEC production ceiling because it would open the door to a debate on quotas .. ceiling increase raises many issues.»
It will be Indonesia's fourth-smallest producer in OPEC. And pumped state located in Southeast Asia 910 thousand barrels per day in August, while the current Member States has pumped 31.57 million barrels a day, according to estimates of the International Energy Agency.
He said some delegates in OPEC, that through this becomes a level of 30 million barrels per day target is outdated.
Delegate in The organization also asked not to be named «not logically determine the 30 million barrel ceiling for the production of thirteen state .. will be added Indonesia only are most likely to happen.»
and excludes Other delegates in OPEC idea of increasing the target for the Organization of the level of production and said that it was not subject to discussion after and it may not happen or confirmed that the increase to accommodate Indonesia will not raise actual production.
The second delegate «even if the ceiling rose, it would be an artificial and only on paper .. will be added on paper but global supply will not change. Will not affect the global supply.
»May open the debate about the production thorny issue as to whether the organization would work allocated to each Member State of production quotas or not the roof. And canceled the OPEC quota system, which was for a long time a source of bickering and differences identified in his place a ceiling on production at 30 million barrels per day from the beginning of 2012.
Due to changes in the production of Member States levels since then because of events such as the unrest in Libya and the growth of production of Iraq and sanctions on Iran, the issue of quotas It is still sensitive and politically, where market share and national prestige is at stake.
According to some members of the organization in the absence of the quota license states capable of raising production, such as Saudi Arabia and Iraq regime to increase its share of the market.
A third representative in OPEC «without the quota, any production ceiling is the glory and sexy ridiculous.
«You can not some countries production as it did before because of the sanctions, such as Iran or Libya. It is an opportunity for certain countries to seize the share of these countries in the market.
»And called on Iran to re-OPEC quota system in the former Organization meeting in June, but the idea did not find enough support. OPEC meets on the fourth of December to decide on production policy.
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