Date: 2 months ago   Category: Energy

The OPEC countries in November reduced oil production by 670 thousand barrels within the transaction of OPEC — Rambler News Service


Oil production by the OPEC countries in November, 2018 decreased by 670 thousand barrels a day in comparison with the level of October, 2016 and made 32.97 million barrels a day, follows from the monthly report of the organization. Thus, the OPEC reduced production by 11 thousand barrels a day in comparison with production of October of the current year. "The total amount of oil production of OPEC in October was 32.97 million barrels a day, having reduced by 11 thousand barrels a day in comparison with the last month. Extraction of oil raw materials increased generally in Saudi Arabia, the UAE and Kuwait while reduction of production was in Iran, Venezuela, Nigeria and Iraq" — 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 took place the summit of OPEC where member countries of cartel reached the agreement on reduction of oil production on 1.2 million barrels a day — to 32.5 million barrels — and defined quotas for the countries. Later 11 independent producers, including Russia joined the transaction. New participants undertook 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 be 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 was made. On November 30, 2017 the agreement was prolonged until the end of 2018.

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