The media learned about the decline in Saudi Arabia oil production, after...

The media learned about the decline in Saudi Arabia oil production, after OPEC decision

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Photo: Reuters/Pixstream

The Wall Street Journal learned that of Saudi Arabia since October, has reduced oil production by at least 486 thousand Barr./day. Thus the Kingdom has fully complied with its obligations to reduce production

Saudi Arabia has reduced oil production by at least 486 thousand Barr./day from October, according to The Wall Street Journal.

According to the interlocutor of the newspaper, the agreement on production cuts is fully implemented, “if not more” promised. He said that oil production by the Kingdom was reduced to approximately 10,058 million barrels./day, which corresponds to the level agreed upon within OPEC.

30 November OPEC for the first time since 2008, agreed to cut production a total of 1.2 million bbl./day. Saudi Arabia has pledged to cut production by 486 thousand Barr./day, which has become the most significant reduction among the countries of the cartel. The organization will hold another meeting on may 25, 2017, which is planned to extend the agreement to reduce a further six months.

On 10 December a similar agreement was signed by countries that are not members of OPEC. They agreed to cut oil production by 600 thousand Barr./day. Proceed to the implementation of the agreements they have in January. Russia also endorsed the agreement and agreed to cut production by 300 thousand barrels./day.

In Russia by the end of 2016 produced 547,499 million tonnes of crude oil and gas condensate. Compared to 2015 year, this indicator grew by 2.5% and was the highest in the country’s modern history.