OPEC+ countries should compensate daily oil production of 2,3 mln. barrels within the framework of agreement

OPEC+ countries should compensate daily oil production of 2,3 mln. barrels within the framework of agreement
  • Clock-gray 19:43
  • calendar-gray 18 November 2020

Total volume of over daily oil production has been about 2.35 mln. barrels during May-October within the framework of the OPEC+ (an initiative on reduction of oil production covering OPEC (Organization of Petroleum Exporting Countries) and non-OPEC countries) and it is 160 thousand barrels more in comparison with September, said a source that is familiarized with information on internal monitoring, APA-Economics reports citing TASS.

Thus, according to the results of October, "debt" of the OPEC countries on reduction of oil production has been 1.32 mln. barrels, the indicator of the non-OPEC countries has been 1.025 mln. barrels.

Historical agreement adopted at the 10th meeting of the OPEC+ Ministers o April 12, considered reduction of daily crude oil production by 9.7 mln. barrels in May-June, 7.7 mln. barrels in July-December, 5.8 mln. barrels from 2021 to end of April of 2022.

Furthermore, a decision on extension of the current quota regarding reduction of daily oil production by 9.7 mln. barrels for one more month - until end of July was adopted at the 11th meeting of the OPEC and non-OPEC states through video-conferencing on June 6.

 

Emil Ismayilov

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