Friday, 12 February 2021 10:13

OPEC agreement overfulfilled

In January, 2021 OPEC countries increased oil production by 181 thousand b/d (up to 25.5 million b/d) mainly thanks to Saudi Arabia, Venezuela and Iran. However, in January, the OPEC agreement was fulfilled by 108%, says the February report of the Organization of the Petroleum Exporting Countries (OPEC), received by TASS.
There are 10 of the 13 OPEC members involved in the OPEC+ agreement on oil production cut, as Iran, Libya and Venezuela are exempt from restrictions.

In January, the production by the agreement participants amounted to only 21.76 million b/d against 22.1 million b/d required under the terms. In total, in January, the "ten" from OPEC managed to remove 4.9 million b/d from the market instead of the 4.56 million b/d required by the agreement. Thus, the deal was over-fulfilled by 108%.

So, in January, Saudi Arabia increased oil production by 89 thousand b/d, to 9.05 million b/d, Venezuela - by 72 thousand b/ d, to 487 thousand b/d, Iran - by 62 thousand b/d, to 2.08 million b/d. Libya, Iraq, Nigeria and other countries reduced production in January.

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