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Saudi Arabia, one of the main producers of OPEC, was by far the most affected. The kingdom pumped about 10.2 million bpd in January, down 350,000 bpd from December, and nearly 100,000 bpd below its official quota under the World Bank Reduction Agreement. production. The kingdom will continue to cut production, which is expected to reach about 9.8 million bpd in March, Saudi Energy Minister Khalid al-Falih told the Financial Times in an article released on Tuesday.
The United Arab Emirates and Kuwait were also the hardest hit, although the UAE slightly exceeded their quota last month.
In total, half of the participating OPEC countries exceeded their quota in the first month of the transaction, although some have barely exceeded their targets.
The biggest mistake comes from Iraq, which has regularly exceeded its limit during the last OPEC production cut agreement concluded from January 2017 to June 2018. The second largest producer of oil and gas was the largest producer in the world. OPEC pumped nearly 4.7 million barrels a day, or 157,000 barrels above its quota.
Nigeria, which was exempted from the latest round of production restrictions, exceeded its cap of 107,000 in January. Figures provided directly by the country showed that Nigeria was pumped according to its quota.
The reduction in production in Iran and Libya, the two member countries exempted from the current agreement, has allowed OPEC efforts to reduce inventories.
Iranian production fell slightly as the country overcame its third month of energy sanctions in the United States. At the same time, Libya's output dropped by 52,000 barrels a day, with the country's largest oil field still marginalized by conflict with workers and armed protesters.
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