OPEC countries fulfilled 112% of their obligations under OPEC+ agreement

OPEC countries fulfilled 112% of their obligations under OPEC+ agreement
  • Clock-gray 01:29
  • calendar-gray 15 July 2020

As of June of this year, the member countries of the Organization of Petroleum Exporting Countries (OPEC) have fulfilled 112% of the obligations falling on them in the framework of the OPEC+ agreement, "APA-Economics" reports citing OPEC’s monthly report.

Last month, the daily oil production of OPEC countries decreased by 1.9 mln. barrels and made up 22.27 mln. barrels.

In June, Saudi Arabia decreased daily oil production by 923 thousand barrels and reduced it to 7.56 mln. barrels. Thus, the Kingdom has over-fulfilled its quota under OPEC+ agreement with the interest of 37%.

Note that the agreement adopted at the 10th meeting of the ministries of OPEC+ countries on April 12 envisages reduction of the total daily crude oil production by 9.7 mln. barrels during May-June, and by 164 thousand barrels in Azerbaijan. Meanwhile, at the 11th meeting of ministers of OPEC and non-OPEC countries held on June 6, the decision was adopted to extend for another month i.e. until the end of July the period of those quotas.

Emil Ismayilov

Other news