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OPEC countries fulfill plan to reduce output by 82%, countries outside OPEC - by 118%

September 13, 14:21 UTC+3 MOSCOW

Russia in August fulfilled the agreement by 105%, reducing production by 316,000 barrels

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MOSCOW, September 13. /TASS/. Countries outside of OPEC fulfilled the plan on reducing oil production in August by 118% primarily due to results of Kazakhstan and Azerbaijan, according to the IEA September report.

Thus, Kazakhstan exceeded the plan almost 3-fold, cutting production in August by 54,000 barrels per day with a quota of 20,000. Azerbaijan reduced production in August by 78,000 with a quota of 54,000 barrels per day. Oil production also significantly fell in Mexico - by 170,000 barrels per day instead of 100,000 barrels per day under the agreement.

Russia in August fulfilled the agreement by 105%, reducing production by 316,000 barrels with a quota of 300,000 barrels per day. Oman in August reduced production by 43,000 barrels to 0.977 mln with a quota of 45,000 barrels, fulfilling the plan by 95%.

The average level of implementation of the agreement by countries outside of OPEC since the beginning of the year reached 68%.

The agreement on reducing oil production, which OPEC has concluded with 11 independent producing countries, including Russia, is in effect until the end of March 2018. The issue of extending the deal is currently on the agenda of the participants. The goal of the agreement is to reduce the global surplus of oil reserves and stabilize oil prices.

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