MOSCOW, January 18. /TASS/. OPEC has published data on the levels of reduction in oil production by OPEC + countries as part of the agreement reached at the meeting on December 7 in Vienna.
In the first half of 2019, OPEC+ countries will reduce oil production by 1.195 million barrels per day - to 43.874 million barrels.
In particular, OPEC member states are to reduce production by 812,000 barrels per day - to 25.937 mln barrels, non-OPEC oil producers - by 383,000 barrels per day, to 17.937 mln barrels.
Since the beginning of 2017, the implementation of the agreement on the reduction of oil production has reached a level of 116%, the organization said in a report.
Saudi Arabia, which is the largest oil producer among OPEC states, will reduce output by 322,000 barrels per day - to 10.31 mln barrels. Russia is to reduce production by 230,000 barrels per day - to 11.191 mln barrels.
In percentage terms, the actual reduction in production of OPEC countries should be 3.02%, taking into account the exceptions made for Iran, Libya and Venezuela, rather than 2.5%, as was reported immediately after the meeting. Non-OPEC countries will cut production by 2%.
The ministerial monitoring committee will continue to monitor the implementation of the transaction on a monthly basis. According to the statement, the countries voluntarily undertook these obligations.
The next meeting of the monitoring committee will be held in Baku on March 18.
Earlier a source in OPEC told TASS that the publication of data on production cut quotas will make it possible to overcome the market skepticism around the December decision.
After the OPEC + decision on oil production cut was made, Brent crude price dropped by more than $10 to $49.3 per barrel.