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Tuesday, June 26, 2018

OPEC and on-OPEC Will Pump Oil Supply



The outcome of a meeting of member countries of the World Petroleum Exporting Organization or OPEC and its non-OPEC oil allies eventually resulted in a decision. At the end of the meeting on Friday (22/6), oil-producing countries agreed to increase production moderately to prevent oil deficits that could damage global economic growth.

The agreement was reached after Saudi Arabia succeeded in persuading Iran, its rival oil-producing country, to approve an increase in production. Unfortunately, it is not known exactly how the target of OPEC oil production increase so that market players are still a question mark. What is clear, the policy will come into effect next month.

The decision to make Brent oil prices rose US $ 2.5 or 3.4% on that day to the level of US $ 75.55 per barrel. US President Donald Trump seems to welcome the OPEC ruling.

"Hopefully OPEC will raise its production substantially - prices need to be kept low," Trump twitt through his personal Twitter account following the OPEC announcement.

OPEC and non-OPEC said in a statement as quoted by Reuters, they will restore production levels as before pruning policies agreed earlier. OPEC and a non-OPEC joint will pump about 1 million barrels per day (bpd) in the coming months. That's tantamount to 1% of global supply. The top global oil exporter namely Saudi Arabia will increase production to hundreds of thousands of barrels without definite numbers.

While Iraq says production will rise by 700,000 bpd. Russian Energy Minister Alexander Novak said his country will add 200,000 bpd in the second half of 2018. For your information, since 2016, the OPEC countries agreed to cut oil production by 1.8 million barrels per day.

IN INDONESIA

OPEC dan on-OPEC Akan Memompa Pasokan Minyak


Hasil pertemuan negara-negara anggota Organisasi Pengekspor Minyak Dunia atau OPEC dan para sekutu penghasil minyak non OPEC akhirnya membuahkan keputusan. Pada penghujung pertemuan, Jumat (22/6), negara penghasil minyak sepakat meningkatkan produksi secara moderat untuk mencegah defisit minyak yang dapat merusak pertumbuhan ekonomi global.

Kesepakatan tersebut dicapai setelah Arab Saudi berhasil membujuk Iran, negara produsen minyak pesaingnya, untuk menyetujui peningkatan produksi. Sayang, belum diketahui berapa persisnya target peningkatan produksi minyak OPEC sehingga pelaku pasar masih tanda tanya. Yang jelas, kebijakan tersebut akan mulai berlaku bulan depan.

Keputusan tersebut membuat harga minyak Brent naik US$ 2,5 atau 3,4% pada hari itu ke level US$ 75,55 per barel. Presiden Amerika Serikat (AS) Donald Trump tampaknya menyambut baik putusan OPEC tersebut. 

"Semoga OPEC menaikkan produksinya secara substansial. Harga perlu dijaga tetap rendah," kicau Trump melalui akun Twitter pribadinya pasca pengumuman OPEC.

OPEC dan non-OPEC menyebutkan dalam pernyataan seperti dikutip Reuters, mereka akan mengembalikan tingkat produksi seperti sebelum kebijakan pemangkasan yang disepakati sebelumnya. OPEC dan gabungan non-OPEC akan memompa sekitar 1 juta barel per hari (bph) dalam beberapa bulan mendatang. Itu sama saja dengan 1% dari pasokan global. Eksportir minyak global teratas yakni Arab Saudi akan meningkatkan produksi hingga ratusan ribu barel tanpa memberi angka pasti.

Sedangkan Irak menyatakan produksi akan naik sekitar 700.000 bph. Adapun Menteri Energi Rusia Alexander Novak bilang, negaranya akan menambah 200.000 bph pada paruh kedua 2018. Sekadar informasi, sejak 2016, negara OPEC sepakat memangkas produksi minyak hingga 1,8 juta barel per hari.

Kontan, Page-22, Monday, June 25, 2018.

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