OPEC updates oil output report for April

OPEC updates oil output report for April Kazakhstan does not follow the agreement
May 16, 2017 15:13
OPEC updates oil output report for April

Baku. 16 May. REPORT.AZ/ In April compared to March the OPEC members have increased oil production by 65,000 barrels per day up to 31.78 mln barrels/day. 

Report informs citing RIA Novosti, says May report of International Energy Agency (IEA).

Compared to October 2016, OPEC’s oil production fell by 1.12 mln barrels/day. Thus, in reporting month, cartel has fulfilled the Vienna agreement only by 96% after 100% a month earlier. On average, OPEC's commitment to the agreement in four months is also 96%. The higher level of oil production in Nigeria and Saudi Arabia offset the decline in production in Libya and Iran", report says.

Countries outside the cartel fulfilled the agreement by 66%, having reduced production by 369,000 barrels from October 2016. In March, this figure was 51%. Aggregate daily oil production by the countries outside OPEC amounted to 18.721 mln barrels. Russia has fulfilled terms of the agreement by 77% (231,000 barrels), Mexico - 99% (99,000 barrels), Oman by 106%. But Kazakhstan has increased production by 45,000 barrels/day.

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