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Tuesday 20 August 2019

OPEC+ Cuts Oil Production by 2 mln Barrels in July


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MOSCOW (TASS) — OPEC+ countries participating in the Vienna Agreement on the reduction of oil production fulfilled the terms of the agreement by 159% in July 2019, a source told TASS after the meeting in absentia of the OPEC+ technical committee.

At the same time, OPEC countries complied with the agreement by 156%, and non-OPEC countries performed the agreement by 166%, the source added. Thus, in July the OPEC+ participants reduced production against October 2018 taken as the base level by 1.9 mln barrels per day, instead of early planned 1.2 mln barrels daily.

In total, OPEC+ countries agreed to reduce oil production by 1.2 mln barrels per day by March 2020, including 812,000 barrels for OPEC countries and 383,000 barrels — non-OPEC countries. The main reduction quotas fall on the largest parties to the agreement — Russia and Saudi Arabia (228,000 barrels per day and 322,000 barrels per day, respectively).

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