E&Ps adjust strategy after OPEC leaves output ceiling the same

摘要

Uncertainty surrounding Iran's reentry into the oil market as the world remains awash in oil pushed OPEC deeper into a 'wait-and-watch' mode at its December meeting. The cartel was unmoved by tough commodity conditions that have left some of its own members in pain. The much-anticipated meeting ended without the official statement unveiling an agreed-upon production ceiling. The cartel, instead, essentially decided to keep producing at the current level-about 31.3 million barrels a day (MMbbl/d) in October, more than 1 MMbbl above the ceiling it set last year and then crossed. Members did not go into specifics given the large volumes of oil being produced worldwide, but they could meet again this month and in June to review the situation.