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Preliminary survey shows OPEC compliance increasing, now 132%

Petroleum, petrodollar and crude oil concept : Pump jack and flag of OPEC or Organization of Oil Exporting Countries

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  • The first OPEC production survey for January is out, with Reuters indicating that OPEC production compliance increased to 132% in January up from 127% in December and 114% in November.
  • The survey indicated that total

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Comments (19)

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Years of no investment and shut ins from covid making it harder to raise production. Announcing intentions isn't worth much
@Druncle Joe very true...46 exploration and production companies and 61 oil-field service companies filed for Chapter 11 bankruptcy last year, according to Haynes and Boone, a Dallas law firm tracking bankruptcies. The 107 oil and gas bankruptcies in 2020 were the most since 142 bankruptcies were filed during the last oil bust in 2016.
TEX1961 profile picture
So is OPEC reaching capacity? Will they need more wells to reach these new quotas? I am wondering if the estimates have been skewed for a more positive outlook and now we will see if they really can meet higher volumes. If it comes to pass that they can’t look out prices will skyrocket. Just food for thought.
bigbenorr profile picture
Big middle finger to brandon
@bigbenorr You don't like profits?
bigbenorr profile picture
@Mustang Mike What? Yeah I do, just saying OPEC giving the finger to brandon after he asked them for more oil.
@bigbenorr ok from that perspective i guess so.
"The survey indicated that total OPEC volumes rose 210kb/d in January, this compares to a budgeted increase of 254kb/d for the "OPEC 10" and 400kb/d for OPEC+."
My math says 82.7% compliance for "OPEC 10" and 52.5% for "OPEC+." So the 400kb/d budgeted monthly increases are for optics and politics.
$million is how much spare capacity do they have left? 52.5% of what has been reported? Anyway, bullish for oil.
31 Jan. 2022
As I’ve said before, I couldn’t hardly fail to disagree with you any less. That’s the opec way.
edaskew profile picture
105 bpd short. They're unable to make their quotas. They under invested in E&P, but because of that they're going to make even more money. Smart, when you think about it.
BeneGesserit profile picture
Never heard of 132% compliance. Where I come from, its called OPEC members only had the ability to meet 82% of budgeted increases.
@DagnyTaggart Note the ever increasing effort of the media to misrepresent the facts.
Its not "compliance" geniuses
At this point, it’s looking like the “cap” is just theater.
oil shortage
Iraq is near capacity...Reservoir pressures are near bubble point. Need Sea water injection ASAP or production must be curtailed
Cheese Head profile picture
@oilisgoingupsoon Insightful post, we used to argue that P* could go 5% below Pb without damage but suspect the field(s) you are talking about will not be seawater flooded until lots of damage done to RF.
@oilisgoingupsoon where is your info from iraq reservoir pressures? also I guess there are a whole lot of different fields in Iraq from Basra to Kirkuk with very different maturity
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