OPEC countries may have fulfilled the agreement to reduce production by 106%

Moscow. On 13 June. INTERFAX.RU – OPEC Countries in may complied with the agreement to reduce oil production by 106%, follows from the calculations of “Interfax” on the basis of the monthly report of the cartel.

OPEC and some countries outside the cartel, in the end of 2016 entered into an agreement providing for a reduction in OPEC oil production by 1.2 million b/d compared to October 2016 (with the exception of Angola, compared with September), and countries non-OPEC – on 558 thousand. the Agreement became effective on January 1, 2017.

According to calculations by Interfax based on data from secondary sources presented in the report, OPEC in April, OPEC countries participating in the agreement, reduced oil production at 1,236 million b/d compared with October, while the required level of reduction is 1,164 million b/d. Thus, the level of implementation of the agreement – 106%.

In April, the OPEC countries fulfilled the agreement of 111%, showing calculations of “Interfax”. Saudi Arabia, which accounts for almost half of the OPEC quota reduction continues to exceed it. Iraq, despite all the assurances of 100 percent implementation of the agreement, according to secondary sources, still not reached the desired volume reduction.