ECONOMY


Iran, Libya and Venezuela secure OPEC production cut exemptions

Baku, December 8, AZERTAC

Iran, Libya, and Venezuela have all secured the cutting oil production under the newest OPEC agreement signed on Friday, during the 5th OPEC and non-OPEC Ministerial Meeting in Vienna, Austria, OPEC’s President, Minister of Energy & Industry of the United Arab Emirates HE Suhail Mohamed Al Mazrouei said.

Suhail Mazrouei noted that because these three members had been given exemptions, the remaining members would have to cut more. “Iran, including Libya and Venezuela have all been spared the pain of cutting production due to the US sanctions”.

The Organization of the Petroleum Exporting Countries has agreed with Russia and other non-OPEC allies to cut crude oil production by 1.2 million barrels per day for the first 6 months of 2019.

OPEC clinched the deal with allied oil-producing nations including Russia at its headquarters in Vienna, Austria on Friday during the 5th OPEC and non-OPEC Ministerial Meeting held on Friday, 07 December 2018, under the Co-Chairmanship of OPEC’s President, HE Suhail Mohamed Al Mazrouei, Minister of Energy & Industry of the United Arab Emirates.

Accordingly, the 5th OPEC and non-OPEC Ministerial Meeting, held on December 7th, following deliberations on the immediate oil market prospects and in view of a growing imbalance between global oil supply and demand in 2019, hereby decided to adjust the overall production by 1.2 mb/d, effective as of January 2019 for an initial period of six months. The contributions from OPEC and the voluntary contributions from non-OPEC participating countries of the ‘Declaration of Cooperation’ will correspond to 0.8 mb/d (2.5%), and 0.4 mb/d (2.0%), respectively.

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