Originally posted at The Seminal.
At maximum production, after more than ten years, we'll see 200,000 barrels per day (corrected, h/t A. Siegel) coming from new offshore rigs. OPEC is currently producing 33.2 million barrels per day, over 40% of global production.
OPEC is poised to reduce oil production by as much as two million barrels per day at an emergency meeting in Vienna on Friday.
"There will be a reduction in production at the next extraordinary meeting of OPEC, and it will have to be a substantial one to get the balance right between supply and demand," current OPEC chief Chakib Khelil said. "If it has to be 1.5 million barrels per day, or two million barrels per day, that's what it will be."
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