Saudi Arabia reduces crude oil production
Baku, Azerbaijan, Feb.20
By Leman Zeynalova – Trend:
Saudi Arabia has produced 10,465 million barrels of oil per day in December 2016, or 255,000 barrels per day less than in November 2016, according to the primary data of the Joint Organizations Data Initiative (JODI).
The country’s crude oil output dropped to 10.625 million barrels per day in October 2016, from 10.650 million barrels per day in September 2016, according to JODI.
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, 2016 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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