Is OPEC’s production cut a viable measure to halt falling crude oil price
The growing demand for crude oil across the world has necessitated an increased supply from OPEC as well as Non-OPEC countries. The rise in world oil prices from less than $28 per barrel to about $147 per barrel in recent months has also been an incentive to the producing countries to increase their output significantly to meet the growing demand for oil. Total oil production grew from 77.76 million barrel per day in 2000 to 84.40 million barrels per day in 2007. The total oil output is expected to reach 85.88 million barrels per day by the end of 2008, of which more than 40 percent is expected to come from OPEC countries.
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Is OPEC’s production cut a viable measure to halt falling crude oil price? Reference Code: GDGE0583VPT Publication Date: NOV 2008 Energy Viewpoint GDGE0583VPT / Published NOV 2008 © GlobalData. This brief is a licensed product and is not to be photocopied Page 1 Table Of Contents 1 Table of Contents 1 Table of Contents 2 1.1 List of Figures 4 2 GlobalData Viewpoint 5 2.1 Summary 5 3 Is OPEC’s production cut a viable measure to halt falling crude oil price? 6 3.1 Declining Oil Price to Challenge OPEC Oil Export Revenue 6 3.2 1.5 million barrels output cut will not elevate oil price 7 3.3 Conclusion 9 4 Recent Developments 10 4.1 Oct 17, 2008: Venezuela's Oil Production Goes Down To 2.4 Bpd 10 4.2 Oct 10, 2008: OPEC To Discuss Production Cut At November 2008 Meeting 11 4.3 Sep 09, 2008: OPEC To Reduce Oil Output By 520,000 Bpd 11 4.4 Sep 09, 2008: Iran Not To Go Ahead Against OPEC Decision 12 4.5 Sep 08, 2008: Gulf Countries To Boost Oil Production By 10 Million Barrels A Day 12 4.6 Aug 25, 2008: Kuwait To Pump 3 Million Bpd In 1H 2009 12 4.7 Aug 12, 2008: Saudi Oil Production Rises By 250,000 Bpd In July 2008 13 4.8 Jul 11, 2008: Qatar Says There Is No Need For Additional Saudi Oil 14 4.9 Jul 01, 2008: Saudi Arabia To Pump More Oil, But Not To Sell At Discount Rate 14 4.10 Jun 23, 2008: Saudi Arabia To Raise Its Crude Oil Production 15 4.11 Jun 17, 2008: Saudi Arabia To Spend
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