Kategori : ENERGY AGENDA NEWS, OIL & FUEL SECTOR NEWS - Tarih : 24 December 2018
It has been announced by Secretary General of the Organization of Petroleum Exporting Countries (OPEC), Mr. Muhammed Barkindo, that it plans to publish a chart of the details of voluntary production cuts quotas for members of the OPEC that support their prices and for the countries that are moving together, such as Russia.
Barkindo said that the actual limit for the member countries to reach 1.2 million barrels of production cuts per day was 3.02 percent, while this ratio was above 2.5 percent.
OPEC exempts Iran, Libya and Venezuela, which it does not want to be forced, from any kind of downtime. The sources initially said OPEC would not publish individual quotas. According to the document, Saudi Arabia will reduce its oil production by 322,000 barrels per day to 10,311 million barrels. This is above the production cut-off that Saudi Arabia has to make under the agreement.
