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OPEC+ cuts oil production by 1.2 million barrels

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OPEC+ cuts oil production by 1.2 million barrels
December 07
09:00 2018

OPEC members and other states have agreed to cut oil production. The volume specified in the contract is 1.2 million barrels per day. Because of this, Brent crude has risen to $ 63 per barrel of “black gold”.

The bulk of the volume falls on OPEC – 800 thousand barrels, the remaining 400 thousand are distributed among the countries, which don’t participate in the cartel. It turns out that the production of each participant will be reduced by 3%.

October 2019 serves as a guide. The agreement will last for six months. Renegotiation may take place in April.

Iraqi Oil Minister Tamer al-Gabdan remarked that the treaty did not allow any exceptions, but some partners had “their own ideas”.

Iran is already out of the deal. Russia and OPEC offered it a symbolic agreement, maintaining the volume of production of black gold. It was necessary to save the OPEC+ deal. Iran gave up on that.

Iranian diplomats believe that their country should be freed from its obligations to reduce the production, since US sanctions have been imposed on it.

 

The material was prepared with the participation of Katya Gordon,
a leading analyst of the brokerage company CT Trade

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