OPEC statement Dec 4, 2015:
- Reuters source says final statement doesn't mention 31.5 mbpd quota
- Confirms Indonesia has returned as full member
- El-Badri to continue a Secretary General until July 2016
- Will hold next meeting June 2
Answers in the press conference:
- We did not go into the specifics on production
- "I guess if you had to put a number on it, it would be the current production"
- We can't put a number on now. Iran is coming and we don't know how much
- We decided not to put on a number now
- Even if we keep cutting that doesn't solve any problem
- Production volumes are current actual production, not 30 million barrels
- 60-65% of production is non-OPEC
- There was no evidence that cutting production 5% would make a difference
- We have to wait and see what Iran brings to the table
- There are some signs of co-operation from non-OPEC producers on lower production but it's 50/50
- By this time next year, I think everyone will see what they can contribute
- We want to negotiate more and see what everyone can contribute
This is pretty much OPEC abandoning the pretext of operating like a cartel. Or at least a cartel with any kind of power.
How I picture OPEC.
