Russia, Azerbaijan, OPEC cut oil production

Russia, Azerbaijan, OPEC cut oil production

Agreement between OPEC and non-OPEC countries, including Russia, on oil production levels cut, aimed at stabilizing world oil market, will be implemented starting from today. 

In total, OPEC cuts oil production by 1.2 million barrels per day - up to 32.5 million barrels per day. It is important to note that the reduction of oil production won't be carried out by all countries - Libya and Nigeria don't have to comply with this deal, and Iran was even allowed to raise its daily production to 3.975 million barrels (to pre-sanctions level of oil production). Indonesia refused to participate in the deal and has suspended its OPEC membership.

Russia will cut its production by 300 thousand barrels per day, other countries outside of OPEC - by 258 thousand barrels per day in total. This includes: Azerbaijan - 35 thousand barrels, Kazakhstan - 20 thousand barrels, Mexico - 100 thousand barrels, Oman - 45 thousand barrels, Malaysia - 20 thousand barrels, Equatorial Guinea - 12 thousand barrels, Bahrain - 10 thousand barrels, South Sudan - 8 thousand barrels, Sudan and Brunei - 4 thousand barrels each.

All Russian companies will cut production, including Rosneft. Moreover, they will do it on a voluntary basis and in proportion to their production levels. 

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