OPEC to raise oil production by 757,000 barrels per day

APS : Saturday, 23 June 2018
VIENNA (Austria) – The members of the Organization of the Petroleum Exporting Countries (OPEC) meeting on Friday in Vienna agreed to comply with the production cut deal, down to 100%,
which will result in an effective increase of the production by 757,000 barrels per day, said Energy Minister Mustapha Guitouni.
“This agreement brings us to produce 100% of the level decided by the Organization. In May 2018, we reached a rate of conformity of 152% of the production cut deal. The additional 52%, i.e. 757,000 barrels per day will be produced,” Guitouni said following the 174th Meeting of the Conference of the Organization of the Petroleum Exporting Countries (OPEC).
According to the minister, this is a “satisfactory agreement for all the OPEC members and which safeguards the interests of both consuming and producing countries.”
“We are very pleased with this agreement, which marks the stability of our organization and ensures a balance between supply and demand,” he said.
The agreement has been achieved thanks to Algeria’s efforts over the past two days to bridge OPEC members’ views, particularly Iran and Saudi Arabia, Guitouni said.
“We also discussed with our Kuwaiti and Iraqi brothers, as well as with our Venezuelan friends so that they could bring their points of view closer, and that’s what was done,” he said.
The producing countries intend to discuss the progress of the oil market following this decision, next September in Algiers, during the meeting of the Joint OPEC-Non-OPEC Ministerial Monitoring Committee (JMMC), added Guitouni.

Let's talk

If you want to get a free consultation without any obligations, fill in the form below and we'll get in touch with you.