OPEC+ agreement fulfilled by 103% this year


March 5, Fineko/abc.az. OPEC and non-OPEC (OPEC+) countries have met their commitments to reduce oil production by 103% this year.

ABC.AZ reports that this was stated at the 14th meeting of OPEC+ ministers in the video conference format.

The ministers confirmed that production quotas for March will continue in April, and at that, Russia and Kazakhstan were allowed to increase production by 130,000 b/d and 20,000 b/d, respectively.

The meeting participants reviewed the monthly report prepared by the Joint Technical Commission (JTC) and events in the global oil market, and welcomed the positive results of OPEC and non-OPEC countries in terms of meeting their commitments.

The importance of the initiative of Saudi Arabia on voluntary regulation of oil production, which is valid for 2 months from 1 February 2021, was also stressed.