Date: 3 days ago   Category: Energy

The OPEC countries in May reduced oil production by 2.5 million barrels within the transaction of OPEC — Rambler News Service


Oil production by the OPEC countries in May, 2019 decreased by 2.482 million barrels a day in comparison with the level of October, 2018 and made 29.876 million barrels a day, follows from the monthly report of the organization. Thus, the OPEC reduced production by 236 thousand barrels a day in comparison with production of April of the current year. "The total amount of extraction of oil raw materials of OPEC in May was 29.88 million barrels a day that on 236 million barrels a day below, than a month earlier. Extraction of oil raw materials decreased generally in Iran, Nigeria, Saudi Arabia and Venezuela while in Iraq, Angola and Gabon production increased" — it is said in the report. Level of production of the countries of OPEC in October, 2018 of which reduction of production within the transaction of cartel with independent producers calculates made 32.358 million barrels a day. On December 5-7, 2018 in Vienna there took place negotiations of the countries of OPEC and the states which are not entering into cartel participating in the agreement on reduction of level of production of oil. Following the results of negotiations of the country of OPEC reached the agreement on reduction of level of production of oil since January 1, 2019 on 1.2 million barrels a day to the level of October, 2018. At the same time the countries of OPEC will reduce oil production within the transaction by 800 thousand barrels the day which is not entering into cartel of the country — in total on 400 thousand barrels a day.

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