OPEC+ in December, performed by the Vienna deal by a record 129%

© RIA Novosti / Evgeny to Betemporary in fotomontaggi oil field. Archival photoOPEC+ in December, performed by the Vienna deal by a record 129%© RIA Novosti / Evgeny to Betemporary the image Bank

OPEC+ at the end of December has fulfilled its obligations under the agreement to reduce output by a record 129%, on average for the entire 2017 at 107%, according to the release of the Ministerial Committee for monitoring the implementation of the Vienna deal.

«In December 2017, OPEC and other OPEC countries are not participating in the agreement to reduce oil production, has achieved excellent level of compliance with its obligations — 129%, the highest level since the beginning of the Declaration of cooperation (agreements on OPEC+ — ed.)», — said in a release following the meeting of the Committee held on Sunday in Oman.

These data confirmed the Minister of energy of Saudi Arabia Khalid al-falih at a press conference following the meeting of the Committee.

«The average commitment to the agreement for the entire first year of his actions amounted to 107%», — noted in a release.

OPEC and several non-organisation countries (OPEC+) agreed in late 2016 in Vienna on the reduction of its oil production to total 1.8 million barrels per day from the level of October 2016, of which 300 thousand are in Russia. In November last year, OPEC+ decided to extend the agreement before the end of 2018.

Sunday in Oman held a meeting of the OPEC Ministerial Committee that was established to monitor compliance with the Vienna agreement and to make recommendations for its improvement. The Committee includes representatives from Saudi Arabia, Venezuela, Kuwait, Algeria, Oman and Russia.

OPEC+ in December, performed by the Vienna deal by a record 129%© RIA Novosti, Integratiebeleid in fotomonster and objectives of OPEC

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