Report: OPEC+ fulfills oil output cut deal by 136% in Aug
MOSCOW, Sep 11 (PRIME) -- OPEC+ states complied with the oil production cut deal by 136% in August, as compared with 159% in July, Bloomberg news agency reported on Wednesday citing a source close to discussions of the OPEC+ technical committee.
In November 2016, OPEC and non-OPEC states including Russia first agreed to reduce their oil output to rebalance the market. In December 2018, the states decided to cut production by an additional 800,000 barrels per day for OPEC and 400,000 barrels per day for non-OPEC states, including 228,000 barrels per day for Russia, from the level of October 2018. In July, they prolonged the deal until April 2020.