Date: 5 months ago   Category: Energy

The OPEC countries in September have exceeded the agreement on reduction of oil production for 11% — Rambler News Service


The countries the OPEC and independent producers of oil participating in the agreement on reduction of level of oil production (OPEC) have implemented the agreement in September for 111%, it is said in the statement of OPEC. "The ministerial committee on monitoring of the agreement on reduction of oil production has noted that the countries participating in the agreement have reached the level of implementation of the transaction in September, 2018 in 111% that demonstrates significant progress in achievement of a goal" — it is said in the statement. The OPEC also notes that the next meeting of ministerial monitoring committee is planned to be held on November 11, 2018 in Abu Dhabi (UAE). At the end of November, 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, up to 32,5 million barrels, and have defined quotas for organization member countries. On December 10 in Vienna there has taken place the meeting of the producers of oil which aren't entering into OPEC. Independent producers have signed the agreement on oil production reduction totally on 558 thousand barrels a day since January, 2017. On May 24-25, 2017 meetings of the countries of OPEC and independent producers of oil where the parties have agreed have taken place to prolong the agreement for nine months, until the end of the I quarter 2018, on the current conditions. On November 30, 2017 the agreement has been prolonged until the end of 2018. On June 23, 2018 the OPEC countries at a meeting in Vienna have made the decision to increase production since July 1, 2018 approximately by 1 million barrels a day — before 100 percent observance of terms of transaction.

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