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Non-OPEC+ Spare Production Offsetting Voluntary Cuts: Platts

OIL

Increases in spare non-OPEC+ spare production capacity are offsetting the effect of extending OPEC+ cuts, Rosneft CEO Igor Sechin said June 8, cited by Platts.

  • Calling the increased production “phantom barrels”, he said they offset the impact of voluntary production cuts.
  • "The formation of reserves that we see in both Western and Middle Eastern companies may signal serious market changes," Sechin said at the St. Petersburg Economic International Forum.
  • "Theoretically, for the Russian oil industry, a price reduction could mean the possibility of lifting all restrictions on the price ceiling, and the revenue side of the approved federal budget is based on $60/b," Sechin said.
  • Seven OPEC+ members have agreed to extend 2.2m b/d of voluntary cuts until October.
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