:::::::::: 글로벌번역통역센터 ::::::::::
 
 
 



 
 
> 고객지원센터 > News & Notice
ADMIN 2018. 05. 28.  
LIST  MODIFY  DELETE  WRITE  REPLY 
   제목: OPEC Cuts May Go Even Deeper as Another Member Sees Output Slump


OPEC Cuts May Go Even Deeper as Another Member Sees Output Slump

By Rupert Rowling and Grant Smith

April 27, 2018


Angola뭩 crude exports fall to lowest since at least 2008


Offshore fields are declining sharply amid limited spending

OPEC's Control of the Oil Market Is Running on Fumes


While plunging output in Venezuela captures the oil world뭩 attention, problems are quietly festering in another OPEC nation.

Angola, once Africa뭩 biggest crude producer, is suffering sharp declines at under-invested offshore fields, with output dropping almost three times as much as the nation pledged in an accord with fellow OPEC members. With the losses set to accelerate -- a shipping program seen by Bloomberg News shows crude exports will fall in June to the lowest since at least 2008 -- the cartel risks tightening supply too much.



밃ngola has a serious problem, with its decline rates becoming increasingly visible, said Richard Mallinson, an analyst at consultants Energy Aspects Ltd. in London. 밫he low figure in June doesn뭪 look like a pattern of maintenance but points to steeper, structural declines.



The Organization of Petroleum Exporting Countries and its allies have succeeded in wiping out an oil glut through production cuts launched in early 2017, boosting prices to a three-year high above $75 a barrel. Their efforts have been aided by accidental losses in member nation Venezuela, which is cutting six times the amount it promised as a spiraling economic crisis batters its oil industry.



The risk OPEC faces now is tightening world markets too sharply, and sending prices to levels that either crimp oil demand or provoke a new tide of rival supply from the U.S. As Angola뭩 creeping decline adds to the ongoing slump in Venezuela, that danger only grows.

Unintended supply disruptions are rife in the cartel. Nigeria and Libya were exempt from the deal to cut output because their production had already been diminished by local instability, while Iraq뭩 implementation of the accord only improved after a political dispute halted exports. Some traders are already shunning Iranian crude in fear that President Donald Trump will re-impose sanctions.

Alleviating Decline

Angola뭩 slide could be alleviated by the end of the year, with the start up of an oil field operated by Total SA. The Kaombo field, delayed from 2017, will have a capacity of 230,000 barrels a day.

That might not come soon enough.




Although output from all oil fields diminishes over time as the pressure in their reservoirs falls, Angola뭩 deep-water operations are especially costly to maintain. Because of insufficient capital expenditure, the rate of decline from Angola뭩 deposits is more than double the global average, at 13 to 18 percent, Mallinson estimates.

밠ost Angolan fields have struggled or entered into a steep decline phase after three years -- it뭩 the nature of the geological characteristics of Angola뭩 offshore production, he said.

The country뭩 struggles will only intensify in coming years, the International Energy Agency predicts. Since peaking at 1.9 million barrels a day in 2008, Angola뭩 production has slumped to about 1.5 million, and will dwindle to just under 1.3 million barrels a day in 2023, according to the agency.

Selected articles from Bloomberg
LIST  MODIFY  DELETE  WRITE  REPLY 





전체글 목록 2018. 05. 28.  전체글: 667  방문수: 2022411
 공지  정규직,계약직,프리랜서직 모집 
667   Rohatyn criticized for exploiting BHC franchisees
666   Uber shutting down self-driving operations in Arizona
665   China Considers Ending Birth Limits as Soon as This Year
664   Hedge Fund Returns Rose in April for First Gain Since January
663   Tycoon Gupta to Target Australia in Financial Services Expansion
662   Xerox Scraps $6.1 Billion Fujifilm Deal in Victory for Icahn
661   What Happened in the World Economy This Week and What It Means
660   Walmart's Biggest Deal Ever, Announced by SoftBank뭩 CEO
659   Australia Plots Early Return to Surplus by Defying Global Forces
658   Apple Earnings Show Growing Immunity to Smartphone Malaise
657   OPEC Cuts May Go Even Deeper as Another Member Sees Output Slump
656   American Brands at War With Alibaba Over Visibility, AP Reports
655   Lunar Space Station Is Almost Here
654   Philippine Stock Woes Mount as 2018 Losses Pass $20 Billion Mark
653   Malaysia's Managed Election Obscures Growing Schisms
652   Nazi-Looted Art Ordered Returned to Holocaust Victim's Heirs
651   China Vows to Fight Trump Tariffs 몋o the End as Tension Rises
650   Anti-China Tilt in Australia Is Shortsighted
649   China's Financial Opening Isn't Quite What It Seems
648   Asian Stocks Show Resilience After U.S. Tech Slump: Markets Wrap
647   Samsung sets up design innovation center
646   Nissan and Renault in Talks to Merge, Create a New Company
645   Bolton accuses North of buying time with talks
644   Genesis' first concept EV to make debut in New York
643   McDonald…s announces major environmental goals for 2030, sending a signal to the restaurant industr
642   How the Facebook-Cambridge Analytica Saga Unfolded
641   Making Sense of the World's Cryptocurrency Rules
640   Metal Tycoon to Leapfrog Elon Musk With World's Biggest Battery
639   The Bitcoin Fad Is Fading뾣or Now
638   At $232 Billion, World's 3rd-Largest Oil Major Looks Cheap
RELOAD VIEW DEL WRITE
1 [2] [3] [4] [5] [6] [7] [8] [9] [10] [11] [12] [13] [14] [15] [16] [17] [18] [19] [20] 23