Date: 2 months ago   Category: Energy

The OPEC in February reduced oil production by 2.3 million barrels a day from the level of October, 2018 — Rambler News Service


The countries of OPEC reduced oil production in February, 2019 by 240 thousand barrels a day in comparison with an indicator of January of the current year — to 30.68 million barrels a day, it is told in the monthly report of the International Energy Agency (IEA). "Oil production of OPEC in February decreased by 240 thousand barrels a day and made 30.68 million barrels a day against the background of reduction in Venezuela and decrease in production in Saudi Arabia and Iraq. Observance of the agreement reached 94%, mainly at the expense of Saudi Arabia" — it is said in the report. According to MEA, in January production of the countries of OPEC was 30.92 million barrels a day. According to the report of the organization of November, 2018, level of production of the countries of OPEC in October, 2018 made 32.99 million barrels a day. Thus, from the level of October, 2018 reduction was 2.31 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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