Date: 2 months ago   Category: Energy

The OPEC countries in August have reduced oil production by 1,08 million barrels within the transaction of OPEC — Rambler News Service


Oil production by the OPEC countries in August, 2018 has decreased by 1,075 million barrels a day in comparison with the level of October, 2016 and has made 32,565 million barrels a day, follows from the monthly report of the organization. Thus, the OPEC has increased production by 278 thousand barrels a day in comparison with production of July of the current year. "The total amount of oil production of OPEC in August was 32,56 million barrels a day, having increased by 278 thousand barrels a day in comparison with last month. Extraction of oil raw materials has increased generally in Libya, Iraq and Nigeria while reduction of production was in Iran, Venezuela and Algeria" — it is said in the report. Level of production of the countries of OPEC in October, 2016 of which reduction of production within the transaction of cartel with independent producers calculates made 33,64 million barrels a day. On November 30, 2016 in Vienna there has taken place the summit of OPEC where member countries of cartel have reached the agreement on reduction of oil production on 1,2 million barrels a day — to 32,5 million barrels — and have defined quotas for the countries. Later 11 independent producers, including Russia have joined the transaction. New participants have undertaken to reduce production totally by 558 thousand barrels a day. Thus, total reduction of production by the countries of OPEC and not entering into cartel had to make 1,758 million barrels a day. The agreement worked until the end of June, 2017. On May 25, 2017 at another meeting of OPEC and independent producers the decision to prolong action of the transaction for nine months — until the end of the I quarter 2018 has been made. On November 30, 2017 the agreement has been prolonged until the end of 2018.

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