(EFE). Eleven producers outside the OPEC today agreed in Vienna to join the trim pump in the group of thirteen countries agreed on the 30th of November by 1.2 million barrels per day (mbd), thus adding other 558.000 bd the next semester.
The result of the extraordinary ministerial meeting “OPEC/Non-OPEC” for this Saturday is, despite all, somewhat less than the one expected by the managers of the organization, 600,000 bd.
Despite this, ministers were today satisfied and highlighted the aspect of “history” of this covenant, made after a year of intense negotiations and diplomatic campaigns, as you never had united so many countries, producers in an effort as well.
The countries “Non-OPEC” that finally adhered to the commitment are Azerbaijan, Bahrain, Brunei, Equatorial Guinea, Kazakhstan, Malaysia, Mexico, Oman, Russia, Sudan, and South Sudan.
The under secretary of Hydrocarbons of Mexico, Aldo Flores-Quiroga, indicated to Efe that his country would participate with a cut of around 100,000 bd, in line with the expected natural decline of its deposits.
“we’re here because we want to collaborate to the balance and return to investment, which has fallen for two consecutive years in the oil sector in the world,” he said.
The minister of Energy of Russia, Alexander Novak, was also pleased with the pact.
“it Might seem that it has been easy, but it has not been. It is very difficult to put in common the interests of so many countries, and I have to say that I’m happy, but much remains to be done to implement the agreement,” he said.
“The agreement is for six months but can be extended for another six depending on the market situation,” said the Russian representative, after confirming that his country will reduce by 300,000 your withdrawals.
His counterpart in arabia, Khalid Al-Falih, rejected the idea that the main objective of the pact is to raise the “petroprecios”, and assured that “the intention of all the participants is to rebalance the market and reducing the inventory (stocks of crude oil stored), which are excessive”.
“we don’t have a price in mind. The prices will be set by the market. The balanced price determined by the market should be sufficient to attract the necessary investments,” he said.
he Said the prices of three digits before (2011 to mid-2014) as the low that we have seen from 2014, less than 40 dollars, are not sustainable and should find an intermediate position.
After estimate that the collapse in the price of the barrel has contributed to slower economic growth, to deflation in some regions and very low interest rates, predicted that “2017 is going to be the start of an environment more economically healthy for both the producers as well as consumers.”
Al-Falih, who will assume on January 1 the annual chairmanship of OPEC, he promised that his country, the largest exporter of crude oil in the world, it will comply strictly with its commitment to withdraw 465.000 bd, the reduction largest national of the covenant as a whole, followed by the Russian.
after that promise, the minister arabia said it had already been communicated to its customers the adjustment of the volumes that will be delivered next month.
The producers have created a committee to monitor the degree of compliance of the agreement and, according to analysts, the market will also be attentive to it.
the outgoing president of the organization, the qatari Bin Saleh Al-Sada, stressed that today’s agreement is open to other countries that may accede in the future, for which negotiations will be continued among the producers.
“The door is open. We will work to attract more countries. We’re going to increase the relationships between OPEC and Non-OPEC,” said Al-Sada.
In the final declaration of the meeting, all participants are required to “review regularly the technical level and the ministerial status of its cooperation” with the aim of strengthen it.
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