OPEC countries implements 84% of their obligations on OPEC+ in May

# 17:53
17 June 2020

In May of this year, 10 OPEC (Organization of Petroleum Exporting Countries) countries have implemented 84% of the plan on OPEC+ agreement (initiative on reduction of oil output, covering OPEC members and non-member states), APA-Economics reports citing OPEC's monthly report.

10 OPEC countries, participating in OPEC+ agreement (Iran, Libya, and Venezuela are free from reduction), have reduced oil production by 5.12 mln. barrels per day from the base level. 

Thus, OPEC countries have implemented 84% (daily quota 6.1 mln. barrels) of their obligations, coming from the Agreement.