ECONOMY


Committee on monitoring of OPEC summed up results for first half of 2017

Baku, July 25, AZERTAC

The ministerial committee on monitoring of implementation of the agreement on reduction of oil production of the countries of OPEC following the results of the fourth meeting which has taken place for the first time in St. Petersburg announced results of implementation of the transaction for the first half of the year 2017, having estimated his level in 98%, according to Newsletter.

The ministerial committee includes representatives of Venezuela, Kuwait, Algeria, Oman, Russia, Saudi Arabia and the secretary general of OPEC. According to the statement of committee, oil-producing countries of OPEC for January-June have reduced production of oil by 351 million barrels. Commercial reserves of oil of the countries of OECD for this period have dropped by 90 million barrels — up to 250 million barrels. Thus, the countries managed to reduce a surplus of inventory levels of crude oil and oil products. Thus, despite the high level of commitment to the agreement, the committee calls all participants for 100% to implementation of the transaction. The ministerial committee will continue to cooperate with all participants of the transaction individually, in particular with those whose level doesn't correspond to arrangements yet, is noted in the statement. The OPEC and a number of the countries which aren't entering into the organization have agreed at the end of 2016 in Vienna about reduction of the oil production totally on 1,8 million barrels a day from the October level from which 300 thousand fall on Russia. The agreement has been concluded on the first half of the year 2017. In May the term of his action has been prolonged for nine months — until the end of March, 2018.

The Minister of Energy of Saudi Arabia also has suggested participants of the transaction to consider data on export when monitoring performance of the Vienna agreement, having explained it with the fact that data on oil export sometimes don't correspond to data on his production.

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