16:04 - 18.01.2019

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January 18, Fineko/abc.az. Since the beginning of 2017 implementation of the agreement on oil production cut has reached the level of 116%.

The OPEC Secretariat published data on the levels of oil production cuts by OPEC+ countries within the framework of the agreements reached at the meeting in Vienna on 7 December.

"In the 1st half of 2019 oil production of the OPEC+ countries as a whole should be cut by 1.195 million bpd to 43.87 million barrels. Including the OPEC states should cut production by 812,000 bpd to 25.937 million barrels, "not OPEC" by 383,000 bpd to 17.937 million barrels. Since early 2017 implementation of the agreement on production cuts has reached level of 116%," the OPEC Secretariat informed.

The Ministerial Monitoring Committee will continue to monitor execution of the transaction on the monthly basis. It is noted that the countries have voluntarily assumed these obligations.

"The Committee calls on all participants to redouble their efforts to implement the agreement so that the oil market could stabilize in 2019," the Secretariat said.

The next meeting of the Monitoring Committee will be held in Baku on 18 March.