Date: 2 months ago   Category: Energy

The OPEC in August has reduced oil production by 1,2 million barrels a day from the level of October, 2016 — Rambler News Service


The countries of OPEC have kept oil production in August, 2018 at the level of June — 32,63 million barrels a day, it is told in the monthly report of the International Energy Agency (IEA). "Extraction of oil raw materials of OPEC has increased to 32,63 million barrels a day due to production of Iraq, close to a record, and increase in production by Nigeria and Saudi Arabia at decrease in production by Iran because of sanctions of the USA" — it is said in the report. According to data of MEA, in July production of the countries of OPEC made also 32,21 million barrels a day. According to the report of the organization of November, 2016, level of production of the countries of OPEC in October, 2016 made 33,83 million barrels a day. Thus, from the level of October, 2016 reduction has made 1,2 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. On December 10, 2016 in Vienna there has taken place the meeting of the producers of oil which aren't entering into OPEC. Following the results of a meeting the agreement on oil production reduction totally on 558 thousand barrels a day since January, 2017 has been signed. Russia has confirmed consent to reduce oil production by 300 thousand barrels a day. Total reduction of production by the countries of OPEC and the countries which aren't entering into cartel will make 1,758 million barrels a day. On May 24-25, 2017 in Vienna there has taken place the meeting of representatives of OPEC and independent producers. During the meeting of the party have made the decision to prolong operation of the agreement until the end of the first 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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