Levels of oil cuts by Vienna agreement participants unveiled

OPEC has published data on the levels of reduction in oil production by OPEC + countries as part of the agreement, reached at the meeting in Vienna on December 7.

In the first half of 2019, OPEC+ countries will reduce oil production by 1.195 million barrels per day - to 43.874 million barrels. In particular, OPEC member states are to reduce production by 812,000 barrels per day - to 25.937 mln barrels, non-OPEC oil producers - by 383,000 barrels per day, to 17.937 mln barrels.

Since the beginning of 2017, the implementation of the agreement on the reduction of oil production has reached a level of 116%, the organization said in a report.

Saudi Arabia, which is the largest oil producer among OPEC states, will reduce output by 322,000 barrels per day - to 10.31 mln barrels, TASS reported.

Russia, in turn, will reduce production by 230,000 barrels per day - to 11.191 mln barrels.