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The rise in oil production was not discussed at Sunday's joint OPEC-Non-OPEC ministerial monitoring committee, despite US President Donald Trump urging OPEC to lower oil prices via Twitter.
Oil – According to the Iranian energy news website Shana, OPEC Governor Hussein Kazempour Ardebily, who represented Iran in Algiers, said that member countries present at the meeting stressed 100% compliance with the previously agreed production cut agreement between OPEC and OPEC. Ahead of OPEC-NON-OPEC meetings in Algiers over the weekend, Trump on Thursday called on OPEC to increase production.
He said: “We protect the countries of the Middle East, they would not be safe for long without us, and yet they continue to push for ever higher oil prices! We Will Remember. The OPEC monopoly must lower prices now! ”
We protect the countries of the Middle East, they would not be safe for very long without us, and yet they continue to push for higher and higher oil prices! We will remember. The OPEC monopoly must get prices down now!
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- Donald J. Trump (@ realDonaldTrump) September 20th, 2018
However, it appears that OPEC/non-OPEC members were not moved by the tweets, such as Khalid A. Al-Falih, Saudi Arabia's Minister of Energy, Industry and Mineral Resources; and Chairman of the Joint Ministerial Monitoring Committee (JMMC), tasked with monitoring members' compliance with maintaining production at a certain level, said that oil supply and demand balances remain satisfactory.
He also expects oil demand to grow: “When it comes to oil demand, we see reasonably healthy growth in the vicinity of 1,5 million barrels per day on average this year and next. This is very encouraging, but should be viewed with caution in light of lingering concerns about global trade and tariff issues and currency crises in some developing economies, and their potential implications for the global economy.
“While stocks have fluctuated due to short-term factors, the broader stock trend remains reassuring, with US and OECD stocks falling towards the five-year average range.”
“Investment is also returning to the industry as increased market stability inspires greater confidence in the oil sector. Given the time horizons of such spending, the renewed investment activity is a vote of confidence in the sector's long-term prospects.
“And when it comes to the functioning of our joint efforts, cooperation between OPEC and non-OPEC has remained strong, which has undoubtedly played a key role in creating market stability.”
In late 2016, OPEC, led by Saudi Arabia, and several non-OPEC oil producers led by Russia, signed an agreement to reduce production by 1,8 million barrels per day to lift oil prices from historic lows. caused by discharge in the US. shale oil production. Members in June agreed to ease some of the cuts as compliance had reached over 100%, meaning they would cut more than originally promised.
The committee noted on Sunday that countries participating in the agreement achieved a compliance level of 129% in August 2018 and 109% in July 2018, advancing towards decisions of the 174th OPEC Meeting convened in June to adjust overall compliance to 100%.
Notably, Al-Falih said over the weekend that despite the satisfactory balance between supply and demand, members continued to closely monitor supply and demand "and will respond appropriately and in a timely manner as needed."
Those words could be very important in the coming months as US sanctions are expected to hit Iran's oil production in November, aimed at curbing oil exports.
As previously reported, following Trump's announcement that he would be reimposing sanctions on Iran, Al-Falih tweeted: "Following the US withdrawal from #IranDeal, I would like to confirm our commitment to oil market stability for the benefit of of producers and consumers. #Saudi will work closely with key OPEC, non-OPEC producers and key consumers to mitigate the effects of any supply shortages. ”
While he did not name the countries, Bloomberg speculated that Saudi Arabia and the UAE "are the biggest supporters of the US within OPEC and are politically aligned against Iran in the Middle East."
Brent Crude Oil LCOc1 surged to its highest since May at $80,43 a barrel and was up $1,57, or 2%, to $80,37 a barrel at 0642 GMT on the morning of Monday, Reuters reported.
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