OPEC+ countries perform oil production reduction deal by 112% of target — source
Business & Economy
March 06, 2020, 14:18
Countries participating in the agreement therefore slashed oil production by 1.9 mln barrels daily
VIENNA, March 6. /TASS/. Countries participating in the OPEC+ oil production limiting agreement performed the deal by 112% from the target vs. 145% in December, two sources in delegations told TASS on Friday.
Countries participating in the agreement therefore slashed oil production by 1.9 mln barrels daily against the October 2018 level taken as the base one, instead of agreed 1.7 mln barrels a day.
The deal compliance was 136% in January for OPEC countries and 55% for non-OPEC countries vs. 168% and 95% respectively in December 2019, sources told TASS.
The OPEC+ ministerial meeting for discussion of further oil production cuts is scheduled to take place today.