zerohedge.com / by Tyler Durden / Nov 30, 2016 12:31 PM
Shortly after the conclusion of today’s Vienna meeting, OPEC released the following table which lays out the breakdown of what the current reference production level is by nation, as well as the proposed adjustment to get to a 1.2 million barrel per day reduction, as well as the “pro forma” production number that will be effective on January 2017.
Two quick observations.
As noted previously, Indonesia is no longer in OPEC after it “suspended” its membership, effectively giving it full right to pump as much as it wants relative to its most recent October baseline production level of 722K per the OPEC monthly book. The reason for Indonesia’s departure, according to the Nigeria oil minister, is that it was “unable to contribute a large enough cut.”