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OPEC oil production fell by 1.9 million barrels



Oil production by OPEC members in April 2017 decreased in comparison with indicators of November 2016, 1,908 million barrels per day up to 31,732 million barrels.



13.May.17 11:53 AM
By Christina Orlina
Photo Toinnov.com

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OPEC oil production fell by 1.9 million barrels
Production fell primarily due to the United Arab Emirates, Iraq, Iran and Libya, but grew up in Angola and Saudi Arabia.

The indicator of October 2016 is the standard, which begins production cuts. The agreement was reached at the OPEC meeting in November. According to the organization, the January OPEC production totaled 32,026 million barrels a day, the February 32,086 million barrels a day in March 31,750 million barrels per day.

The agreement between the OPEC countries, which subsequently joined by some States to oil exporters outside the organization, in particular, Russia, was signed for six months (from 1 January to 1 July 2017). The members of the cartel agreed to reduce the production in the amount of 1.2 million barrels. Countries outside of OPEC decided to cut production by 558 thousand barrels.

It is unclear whether these agreements are extended for the second half of the year. It is expected that this topic will be discussed at the next OPEC meeting, which will take place on 25 May in Vienna.



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