IEA: OPEC+ countries implemented their obligations by 103% in January

IEA: OPEC+ countries implemented their obligations by 103% in January
  • Clock-gray 02:03
  • calendar-gray 12 February 2021

OPEC+ countries have implemented agreement on reduction of oil production in January of this year by 103%. It is the highest indicator since June of the previous year, APA-Economics reports citing IEA's monthly report.

OPEC countries implemented the agreement by 108%, while non-OPEC countries by 94% last month. Russia executed its obligation within the framework of the agreement by 95%.

According to IEA forecasts, OPEC countries increasing daily oil production by 240 thousand barrels in comparison with December amounted to 25,45 mln. barrels in January of this year. Countries, which participate in the agreement, but not OPEC members, increasing daily oil production by 120 thousand barrels amounted to 14,59 mln. barres last month. 

 

Emil Ismayilov

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