OPEC participants performed Vienna Agreement by 111%
OPEC agreement participants.
Moscow - TASS
The performance level of the OPEC+ oil production capping deal was 111% in September, a source in OPEC told TASS after the technical committee meeting in Vienna.
This figure was 129% in August.
OPEC+ agreement participants made the decision to return the deal performance level from 150% to 100% from July, which actually means the need to increase oil production by 1 mln barrels per day. However, this target has not yet been reached due to a strong decline in oil production in certain OPEC countries. Production is largely increased by Russia, Saudi Arabia, and the UAE.
Russia has increased its oil production by 400,000 barrels per day within the framework of this decision, although it slashed production by 300,000 barrels daily within the framework of the original arrangements.
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Dubai - Arab Today
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