12.12.2019, 11:35
OPEC+ Countries in November Fulfilled Vienna Agreement by 125% of the Plan
Source: OREANDA-NEWS
OREANDA-NEWS. OPEC countries in November reduced oil production by 300 thousand bpd to October - to 29.66 mn bpd against the background of a noticeable reduction in production in Saudi Arabia and repairs of production facilities in Angola, follows from the December IEA report. At the same time, they completed a deal to reduce production by 1.2 million bpd to the base level by 154%.
Non-OPEC countries participating in the Vienna Agreement, on the contrary, failed to fulfill their obligations - 61% of the plan due to increased production in Kazakhstan, Russia and other countries. At the same time, the average OPEC+ transaction execution rate in November amounted to 125%.
Earlier, the OPEC + countries participating in the agreement on the reduction of oil production in October fulfilled the agreements by 142% of the plan, two sources in the delegations told the Russian media after the OPEC + technical committee meeting in Vienna on Tuesday. Thus, the agreement countries reduced oil production by 1.7 million barrels per day to the level of October 2018, taken as the base, instead of the agreed 1.2 million barrels per day.
Non-OPEC countries participating in the Vienna Agreement, on the contrary, failed to fulfill their obligations - 61% of the plan due to increased production in Kazakhstan, Russia and other countries. At the same time, the average OPEC+ transaction execution rate in November amounted to 125%.
Earlier, the OPEC + countries participating in the agreement on the reduction of oil production in October fulfilled the agreements by 142% of the plan, two sources in the delegations told the Russian media after the OPEC + technical committee meeting in Vienna on Tuesday. Thus, the agreement countries reduced oil production by 1.7 million barrels per day to the level of October 2018, taken as the base, instead of the agreed 1.2 million barrels per day.
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