OPEC agree on production cuts of oil

ОПЕК+ договорились о сокращении добычи нефти

Iran has made for itself the exceptions from the transaction to limit oil production

For a reference point reductions taken October 2018. The agreement has been extended for six months with a possible revision in April.

The countries of the Organization of countries-exporters of oil and partners (OPEC+) after hours of negotiation, agreed to reduce oil production in 2019 at 1.2 million barrels per day. This was announced by the Minister of oil of Iraq tamer al Gadban on Friday, December 7.

According to him, of the total decline of 800 thousand barrels per day will come from OPEC countries and the remaining 400 thousand b/d – for countries outside the cartel. Thus, each country needs to cut oil production by about 3%.

For a reference point reductions taken October 2018. The agreement has been extended for six months with a possible revision in April.

While al Hamdan noted that the agreement does not envisage exceptions from the transaction in any country, but some countries may have “their views”.

Meanwhile, Iran has made for itself the exceptions from the transaction to limit oil production OPEC+.

Earlier it was reported that Iran, Venezuela and Libya likely to be excluded from the agreement OPEC+.

 

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