Baku, Azerbaijan, Dec.22
By Leman Zeynalova – Trend:
The crude oil production by Saudi Arabia has dropped to 10.625 million barrels per day in October 2016, from 10.650 million barrels per day in September, according to the kingdom’s self-reported figures to the Joint Organizations Data Initiative (JODI).
The country’s crude production peaked at 10.673 million barrels per day in October 2016, while during the reporting period, the lowest volume of oil output in Saudi Arabia was recorded in February 2016 (10.220 million barrels per day).
During OPEC’s Vienna meeting held Nov.30, Saudi Arabia undertook the biggest cut in oil production, as the country agreed to reduce the output volume by 486,000 barrels per day to 10.058 million barrels per day (mbd) from Jan.1, 2017.
The second biggest cut was undertaken by Iraq, which agreed to reduce its oil output by 210,000 barrels per day to 4.351 mbd, UAE – 139,000 bpd to 2.874 mbd, Kuwait – 131,000 bpd to 2.707 mbd.
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