OPEC+ reduces oil output in excess

OPEC+ members fulfilled the current agreement on the reduction of oil production in December 2021 by 121% - a record level, the January report of the International Energy Agency (IEA) says, according to Report.

Over the reporting period, OPEC+ members increased production by 250,000 barrels per day to 37.55 million barrels, not 400,000 barrels, which is 790,000 barrels less than agreed. In November, the difference was 650,000 barrels.

Due to the sharp decline in demand for oil as a result of the coronavirus pandemic, the OPEC+ countries agreed to reduce production by 9.7 million barrels per day from May 2020 compared to October 2018. Later, when the situation in the oil market stabilized, the participants amended the agreement, aiming to complete their commitment to reducing production by the end of this year, increasing production by 400,000 barrels per day from August 2021.