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OPEC+ countries executed 89% of Agreement in May

16 June 2020 14:17 (UTC +04:00)

OPEC+ countries have executed 89% of the plan on Agreement on the reduction of oil production in May of the current year, APA reports citing International Energy Agency (IEA).

Agreement participants have been able to produce daily 8.6 mln. barrels of oil instead of 9.7 mln., which is more than the market within the framework of the done works.

According to the information, 10 OPEC countries (Iran, Libya, and Venezuela are free from reduction) have been able to execute 86% of the obligation within the framework of Agreement by reducing production by 5.2 mln. barrels per day in May. Non-OPEC countries, joined the Agreement, have been able to reduce production much more in comparison with their OPEC partners.