OPEC+ announces country levels of oil output reduction - TABLE

Baku. 21 December. REPORT.AZ/ OPEC members will cut oil output by 3.04% instead of planned 2.5% in the first half of 2019, S&P Global Platts announced referring to sources in OPEC, Report informs.

According to the document, Russia is to reduce the output by 230,000 barrels per day to 11.191 million barrels. Saudi Arabia promised to cut the output by 322,000 barrels to 10.311 million barrels, Iraq by 141,000 barrels to 4.512 million barrels, UAE by 96,000 barrels to 3.072 million barrels and Kuwait by 85,000 barrels to 2.724 million barrels.

Nigeria will cut the output by 53,000 barrels to 1.685 million barrels. Iran, Libya and Venezuela got chance not to reduce the output.

Among the non-OPEC countries, Azerbaijan and Oman will account for the bigger reduction. These countries will reduce the output by 2.5% compared to September and October. Azerbaijan’s obligation is to cut the output by 20,000 barrels to 776,000 barrels, Oman by 25,000 barrels to 970,000 barrels.

Reduction of output for most countries will be calculated starting from the level of October 2018. Therefore, Kuwait and Azerbaijan (calculation starts from September), and Kazakhstan (from November), are excluded.

OPEC countries (million barrels per day)