Date: 7 months ago   Category: Energy

The OPEC countries in October have reduced oil production by 740 thousand barrels within the transaction of OPEC — Rambler News Service


Oil production by the OPEC countries in October, 2018 has decreased by 740 thousand barrels a day in comparison with the level of October, 2016 and has made 32,9 million barrels a day, follows from the monthly report of the organization. Thus, the OPEC has increased production by 127 thousand barrels a day in comparison with production of September of the current year. "The total amount of oil production of OPEC in October was 32,9 million barrels a day, having increased by 127 thousand barrels a day in comparison with the last month. Extraction of oil raw materials has increased generally in the UAE, Saudi Arabia, Libya and Angola while reduction of production was in Iran, Venezuela, Kuwait and Nigeria" — 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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