1 Million Barrels Distribution Debate Among OPEC and non-OPEC
OPEC and non-OPEC countries’ technical committee is expected to discuss the distribution of oil this week. According to news, the Joint Technical Committee will discuss the distribution of 1 million barrels per day (bpd).
There are know to have four options proposed by Iran, Algeria, Russia and Venezuela regarding distribution of oil production, expecting that it is not easy to agree on how to distribute them.
One of the options are dividing oil in proportional to the countries participating in the reduction agreement, but Saudi Arabia and Russia are unlikely to agree. If they share proportionately with the oil producing countries, their share is on average 300,000 to 400,000 barrels a day, less than their estimates.
OPEC, Russia and other non-OPEC oil-producing nations have agreed to return oil production back to 100% rate. The oil production increased until 160% due to difficulties of production of crude oil by Venezuela last June.
Nickel fell 0.7 percent to $ 13,255 while zinc fell 0.9 percent to $ 2,420.
Lead rose 2.1 percent to $ 2,078 a tonne. The tin rose 1.1 percent to $ 90,555 per ton.