OPEC+ execute deal on oil output cut by 112%

OPEC+ countries participating in the agreement on oil output cut in January fulfilled the agreements by 112 percent of the plan compared to 145 percent in December last year, Report informs, referring to TASS news agency.

Thus, the countries of the agreement reduced oil production by 1.9 million barrels per day to the level of October 2018, taken as the base one, instead of the agreed reduction of 1.7 million barrels per day.

At the same time, the execution of the deal by OPEC countries in January amounted to 136 percent compared to 168 percent in December, by non-OPEC countries – 55 percent compared to 95 percent in December.

OPEC+ countries (24 oil-exporting countries, including Russia) have been managing production in a coordinated manner since 2017. In July 2019, they extended agreements to reduce oil production by 1.2 million barrels per day to the level of October 2018 until the end of March, with OPEC countries accounting for 812,000 barrels per day.