Outrun Change

We need to learn quickly to keep up with the massive change around us so we don't get run over. We need to outrun change.

Sharing of the OPEC production cuts: 4.6% across the board except for Iran

Image courtesy of DollarPhotoClub before they merged into Adobe Stock.

Image courtesy of DollarPhotoClub before they merged into Adobe Stock.

The Million Dollar Way blog has the details I was wondering about earlier: how the production cut is going to be shared amongst the OPEC members.

A post at MDW, Notes From All Over, Mostly Politics, includes a table from @JKempEnergy. The table gave a reference and led me to the OPEC press release giving the breakout.

Here are the details from the press release. The “reference” is the baseline agreed upon, which is  referred to as the “Reference Production Level” in the press release. The change by country is listed. I calculated the percentage change for each country. Here are the changes:

 reference  reduction    %
 Algeria         1,089            (50) -4.6%
 Angola         1,751            (78) -4.5%
 Ecuador           548           (26) -4.7%
 Gabon           202              (9) -4.5%
 Indonesia
 Iran         3,975             90   2.3%
 Iraq         4,561         (210) -4.6%
 Kuwait         2,838          (131) -4.6%
 Libya
 Nigeria
 Qatar           648           (30) -4.6%
 Saudi Arabia       10,544         (486) -4.6%
 UAE         3,013         (139) -4.6%
 Venezuela         2,067           (95) -4.6%
 —-  —-
 total       31,236      (1,164) -3.7%

 

The reduction is 1.16B bopd, which rounds to the about 1.2M bopd mentioned in news reports.

Iran is allowed to slightly increase their production (90K bopd, or 2.3%).

The other OPEC members agreed to an across the board 4.6% cut, give or take some rounding errors. Only Angola is off from 4.6% by more than a rounding error.

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