Crude oil output cuts and the 2017 outlook

On 30 November, OPEC members decided to cut a total of 1.2m bbl/day of crude oil output from 1 January 2017, for the first time in eight years. The move is set to last six months in a bid to bolster prices as the ever-growing global oversupply has taken its toll on producers’ revenues and investment projects. Some non-OPEC countries also agreed to cut as much as 600,000 bbl/day.

In January 2017, OPEC countries were already keeping their end of the bargain, with a committee put in place to verify compliance. However, their efforts might be countered as Libya and Nigeria are restarting production and rising prices are expected to trigger a higher US shale output.

In the face of a mounting oil production, ICIS looks at the way the output cuts agreement has affected oil prices so far and the 2017 outlook. 

Complete your details to access the infographic

All fields are required

Hello ! (Not you?)

Your Data Privacy
By completing this enquiry form you indicate your consent for us to email you information about selected products, events and services from ICIS and from carefully chosen third parties unless you object to receiving such messages by ticking the boxes below.