Report: OPEC+ expects oil cut deal May implementation at 147%
MOSCOW, Jun 20 (PRIME) -- The OPEC+ committee expects the agreement to reduce oil production to be implemented by 147% in May, Bloomberg reported late on Tuesday citing sources familiar with the situation.
This is less than April’s level of implementation, Bloomberg said citing one of the sources.
In April, the deal was implemented by 152%, according to a report of the ministerial monitoring meeting of OPEC and non-OPEC states, released in May.
In November 2016, OPEC and non-OPEC states agreed to reduce their oil production to rebalance the market. Russia joined the agreement in December 2016 with a promise to cut output by 300,000 barrels daily compared with the level of October 2016. The agreement was prolonged until the end of 2018 in November 2017.