Levels of oil cuts by Vienna agreement participants unveiled

Levels of oil cuts by Vienna agreement participants unveiled

OPEC has published data on the levels of reduction in oil production by OPEC + countries as part of the agreement, reached at the meeting in Vienna on December 7.

In the first half of 2019, OPEC+ countries will reduce oil production by 1.195 million barrels per day - to 43.874 million barrels. In particular, OPEC member states are to reduce production by 812,000 barrels per day - to 25.937 mln barrels, non-OPEC oil producers - by 383,000 barrels per day, to 17.937 mln barrels.

Since the beginning of 2017, the implementation of the agreement on the reduction of oil production has reached a level of 116%, the organization said in a report.

Saudi Arabia, which is the largest oil producer among OPEC states, will reduce output by 322,000 barrels per day - to 10.31 mln barrels, TASS reported.

Russia, in turn, will reduce production by 230,000 barrels per day - to 11.191 mln barrels.

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