OPEC lowers forecast for oil supply from non-OPEC countries

OPEC countries, under the current rules, are increasing oil production by 400,000 bpd per month, this plan will remain in force until October

MOSCOW, September 13. /TASS/. OPEC oil exporters lowered their forecast for 2021 for the volume of oil supply from non-OPEC countries by 170,000 barrels per day (bpd), one of the reasons being Hurricane Ida in the United States, according to the September OPEC report.

The forecast was revised mainly due to the expectations for supplies in Q3 of 2021, in which the supply of oil may be 500,000 barrels per day lower than expected. “Non-OPEC liquids supply growth in 2021 is revised down by 0.17 mb/d from the previous month’s assessment, due to a downward adjustment of 0.5 mb/d in 3Q21. The revisions are mainly due to outages in North America from a fire on a Mexico’s offshore platform and the disruptions caused by Hurricane Ida,” the report said.

The OPEC+ agreement to cut oil production involves 10 of the 13 members of the OPEC, as Iran, Libya, and Venezuela are exempt from restrictions. In August, the production of the parties to the deal amounted to 22.59 mln bpd against 23.286 mln bpd as stipulated by the terms. In total, in August, the ten countries from OPEC were able to remove from the market 4.1 mln bpd to the base level in the agreement instead of 3.397 mln bpd. Thus, the terms of the deal were fulfilled by 121%.

OPEC countries, under the current rules, are increasing oil production by 400,000 bpd per month, this plan will remain in force until October. The decision for November will be taken at the ministerial meeting on October 4.

News Related

OTHER NEWS

UK eases rules of entry for travelers from other countries, including Russia

UK Transport Secretary noted that those who were fully vaccinated would not need a pre-departure test before arrival into England from a non-red country and from later in October Read more »

Forex reserves down by $1.34 billion to $641.113 billion

Representative image After reaching a record high in the previous week, the country’s foreign exchange reserves declined by $1.34 billion to $641.113 billion in the week ended September 10, 2021, ... Read more »

Stocks fall on Wall Street, giving up week's gains

Wallstreet. Stocks fell broadly in morning trading on Wall Street Friday as the market heads for a feeble ending to an up-and-down week of trading. Trading has been choppy throughout ... Read more »

European Parliament calls for investigation against Gazprom due to gas prices, says source

On Wednesday, the gas price on spot markets hit an all-time high, almost reaching $970 per 1,000 cubic meters at the peak Read more »

The whole world is tinkering with imec's high-tech garage

He is not a fantasist – far from it. Nevertheless, Peter Peumans, director of the health branch of the Leuven research center imec, refers to The Matrix, the film in ... Read more »

Meat industry warns production could be hit by CO2 shortage

A lack of CO2 used to stun farm animals before slaughter is the result of fertiliser factories, of which they are a by-product, shutting down because of a spike in gas prices. Read more »

MAS Financial Services raises Rs 100 crore via market-linked NCDs

(Representative Image) Non-banking financial company MAS Financial Services on Friday said it has raised Rs 100 crore through private placement of market-linked non-convertible debentures (MLDs). The lender has allotted 1,000 ... Read more »

How to Buy Crypto Online: A Trustworthy Exchange You've Been Looking For

Those who try to make money on crypto know that it was impossible to buy it with a card until recently. But the field of cryptocurrency develops fast, and it’s ... Read more »

Royal Enfield lays off nearly 100 employees

Royal Enfield (Representative image) Royal Enfield on September 17 laid off nearly 100 employees as part of its annual performance review. According to a report in CNBC-TV18 the employees are ... Read more »

Concerns about a full electricity grid: grid operator and employers want action

In more and more places in the Netherlands there is no more space on the electricity grid. Employers’ organization VNO-NCW is concerned and advocates unconventional and creative solutions. Grid operator ... Read more »

Europe to begin heating season with gas deficit in storage facilities — Gazprom

It was also mentioned that last winter, due to the cold winter and spring, the EU countries used a record volume of gas, and the period of pumping into storage this year began three weeks later than usual Read more »

SCO members will continue consultations on establishing Development Bank — statement

Earlier this month, SCO Secretary General suggested that attraction of funds to joint multi-partner projects be encouraged Read more »

Prijs van een ton CO2 kan het klimaat maken – of breken

Een „mokerslag”, waardoor het klimaatbeleid „aan diggelen” ligt. Zo luidde het commentaar van de Zwitserse krant Neue Zürcher Zeitung na een referendum in juni. Die volksraadpleging verdient alsnog een plekje ... Read more »

Punjab National Bank reduces home loan interest rate to 6.60%

File image Public sector lender, Punjab National Bank, on September 17, announced festive offers for home loans at 6.60 percent irrespective of any upper ceiling limit and said it will be ... Read more »

Virus impact: Super large developers see average business dip by 39%; smaller developers took 19% hit in revenue

Representative image Rather that consolidating, the realty landscape is broad basing. The share of top 50 builders dropped to 23% during the COVID-19 pandemic and so did their average business ... Read more »

SCO nations to set up mechanism of discussing industrial issues

SCO nations noted the necessity to boost cooperation on the issues of high technologies, the creation of industrial parks, and a trade-industrial cluster Read more »

GST Council Meet| GST exemption on Covid essential medicine extended till December

Compulsory licensing in emergency situations lets drugmakers manufacture the medicines without permission from the patent holder. (Remdesivir Image: Reuters) The GST Council has extended the GST rate cuts on Covid ... Read more »

What's behind the energy crunch - and why it's hurting UK industry

Gas prices are running at about £162 per therm - when for most of the past decade they have been around £40 therm - and the increase has been astonishingly fast. Read more »

‘It was impossible to make a living from clothes'

in ‘When my daughter (28) was one year old, I started making children’s clothes. You try something, sometimes things go wrong, but as I got better at it, I switched ... Read more »

Nazara Technologies' Nodwin Gaming acquires OML Entertainment's IP and gaming business

NODWIN Gaming, an esports company and an independent subsidiary of Nazara Technologies Limited has acquired the gaming and adjacent IP (intellectual property) business of OML Entertainment, a media and entertainment ... Read more »

Petrol, diesel prices may rise as international oil rates surge

Representative image A surge in international oil prices may translate into an increase in the retail selling price of petrol and diesel in India as oil companies face extreme margin ... Read more »

The working student: from tapping beers to vaccinating – and never going back

‘I would rather not have had it necessary, but working at the GGD was really a godsend for me,’ says 25-year-old Marjolein. Her side job at a museum in Utrecht ... Read more »

GST Council refers Swiggy, Zomato GST issue to GoM

The GST Council on September 17 referred the issue pertaining to the tax to be levied on online food aggregators such as Swiggy and Zomato  to the group of ministers, said West Bengal Minister ... Read more »

Spain announces small rise in minimum wage, by €15 to €965

The Spanish government, together with the CCOO and UGT trade unions, have agreed to increase the minimum wage from €950 to €965 gross per month, and which will be backdated ... Read more »

Nong Khai plans for rail link with China New depot taking shape to handle increased trade once Laos-China line opens in December

Thailand hopes a rail link with China will offer faster delivery of goods to southern Chinese provinces. (Bangkok Post photo) The Rail Transport Department has unveiled a plan to develop ... Read more »

Will import duty cut on edible oils offer the much-needed relief to consumers?

The government has yet again slashed import duty on edible oils. Earlier this week, a notification from the Central Board of Indirect Taxes and Customs informed that the base import ... Read more »

Looking to gain from sustainability efforts? Sign a green property lease

positive-environmental-footprint-04_84156053 As we move towards achieving carbon neutrality for a more sustainable world, green leases seem to be the future of real estate. But what exactly is a green lease? ... Read more »

Biocon, SII deal to extend to exploring partnership in biologics, mRNA vaccines

Representative picture: AFP Biocon Biologics and Serum Institute of India (SII) on September 17 said their strategic alliance goes beyond the fill-finish, or filling up of vials and packaging them ... Read more »

Developments in Afghanistan could lead to an uncontrolled flow of drugs, illegal weapons and human trafficking: PM Modi

PM Modi Prime Minister Narendra Modi on September 17 said the recent developments in Afghanistan will have the greatest impact on neighbouring countries like India and continuing instability in that ... Read more »

Four Years of GST: Charting the Road Ahead for the Real Estate Sector

The Central government’s decision to introduce Goods and Services Tax (GST) in 2017 was a game changer for not just the real estate sector but the entire Indian economy. By ... Read more »

‘I don't like numbers, so we complement each other well'

Kirsten: “We wake up at six thirty without an alarm clock.” Danny: „We can go back to the business! No really, we do the work with great pleasure.” Kirsten: “First ... Read more »

Asian-Pacific Bank acquired for $193 mln by investor from Kazakhstan

Three out of the four participants invited by the Bank of Russia participated in the auction — Promsvyazbank, Sovcombank, Pioneer Capital Invest LLP Read more »

TSB turns to insurance veteran Prettejohn as next chairman

The Spanish-owned high street bank will announce Nick Prettejohn’s appointment as its new chairman within days, Sky News learns. Read more »

JM Financial Products Limited Announces Tranche I Public Issue of upto Rs 500 Crore of Secured, Rated, Listed, Redeemable NCDs

Representative image JM Financial Products Limited, the flagship NBFC arm of the JM Financial Group, announced Tranche I public issue of Secured NCDs of face value of Rs. 1,000 each. ... Read more »

IPL effect: Disney+Hotstar to dialup subscribers, price hike in plans to have no impact, say experts

The remainder of the 14th edition of the Indian Premier League (IPL) will start from September 19 and this will attract many new subscribers, say experts in video streaming space. Last year, ... Read more »

If your colleague loses a loved one

What do you do when a colleague loses a loved one? I wondered after reading the moving interview with State Secretary Paul Blokhuis. Among other things, about the loss of ... Read more »

Budget Day: battle for billions for abolition of dividend tax breaks loose again

The 1.9 billion euros that would once be spent on abolishing the dividend tax will definitely not go to the business community, according to the documents for Budget Day. The ... Read more »

SCO Secretary General urges its members to develop joint transport projects

Vladimir Norov noted that in order to overcome the crisis caused by the pandemic, the SCO countries should do more towards eliminating trade barriers, developing investment cooperation, as well as industrial cooperation Read more »

Most Indian firms believe revival of MSME sector can boost rural employment: Report

Representative image A majority of Indian companies (57 per cent) believe there is a need to revive the micro, small and medium enterprises (MSMEs) sector, which has been hit due ... Read more »

Housing demand to rise on SBI's decision to offer home loan at 6.7% interest rates: Realtors

SBI | Representative image India’s residential property market is expected to witness a strong consumer demand during the festival season with various banks, including SBI, providing concessional interest rates on ... Read more »