OPEC+ oil production expected to fall by another 750,000 barrels

12:35 - 3.03.2020


March 3, Fineko/abc.az. Crude oil production of OPEC and non-OPEC+ cartel countries is expected to decrease by another 750,000 bpd.

According to foreign media, analysts expect a further decline in OPEC+ oil production and daily volume of 750,000 barrels.

The OPEC+ countries will discuss restrictions on oil production and production policy in Vienna on 6 March.

On 6 December 2019, at the 7th meeting of OPEC and non-OPEC Ministers a decision was made to reduce daily oil production on OPEC+ by another 500,000 barrels. In accordance with the new Declaration on Cooperation, Azerbaijan's obligations are set at the level of 27,000 barrels. Since this January Azerbaijan should maintain daily oil production in the amount of 769,000 barrels.

 

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