Date: 7 months ago   Category: Energy

The OPEC in October reduced oil production by 840 thousand barrels a day from the level of October, 2016 — Rambler News Service


The countries of OPEC increased oil production in October, 2018 by 200 thousand barrels a day in comparison with an indicator of September of the current year — to 32.99 million barrels a day, it is told in the monthly report of the International Energy Agency (IEA). "In October record production in the UAE and Saudi Arabia increased oil production of OPEC by 200 thousand barrels a day (to the level of September. - RNS) up to 32.99 million barrels a day that more than compensated decrease in production in Iran" — it is said in the report. According to MEA, in September production of the countries of OPEC was 32.79 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 was 840 thousand 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. On December 10, 2016 in Vienna there took place the meeting of the producers of oil which are not 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 was signed. Russia 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 are not entering into cartel will be 1.758 million barrels a day. On May 24-25, 2017 in Vienna there took place the meeting of representatives of OPEC and independent producers. During the meeting of the party 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 was prolonged until the end of 2018. On June 23, 2018 the OPEC countries at a meeting in Vienna 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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