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OPEC again reduces oil production

In June, a new record was set.

10.Jul.17 11:24 PM
By Catherine Brooke


OPEC again reduces oil production

The other day it became known that in June the OPEC countries continued to follow the letter of the treaty, extended in May, and further reduced oil production. This opinion was voiced by the Secretary-General of the cartel, Mohammed Barkindo. According to him, in June this year, the production decline was 106 percent, which is much higher than in May.

In total, in June, according to the plan of the country, OPEC and some countries that signed an agreement in May to reduce oil production had to raise 1.8 million barrels of black gold from the earth's interior less than usual.

Recall, some oil-producing countries and OPEC signed a joint contract to reduce oil production. The decline in inventories and the reduction in output should stabilize the oil market and raise the price of black gold to a decent level. In May this year, the contract was extended, but a specific goal - stabilization - is still far off.

The picture is also spoiled by reports coming from the United States about increasing production or a sharp decline, as well as the OPEC countries themselves. Many states just can not afford to produce less because of the high dependence of the economy on oil exports.

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