Saudi crude oil output rises to an all-time high
Baku, Azerbaijan, Jan.22
By Leman Zeynalova – Trend:
Saudi Arabia’s crude oil production rose to an all-time high of 11.09 million barrels per day in November 2018, Trend reports citing the Joint Organizations Data Initiative (JODI).
Saudi Arabia’s crude oil production rose from 10.642 million barrels per day in October 2018 to 11.093 million barrels per day in November, according to the JODI report.
Saudi crude oil exports rose from 7.701 million barrels per day in October to 8.235 million barrels per day in November, said the report.
This is while Iraq’s oil output dropped from 4.460 million barrels per day in October 2018 to 4.455 million barrels per day in November, said the report.
The report shows that the country’s exports have dropped from 3.889 million barrels per day to 3.809 million barrels per day during the reporting period.
Saudi Arabia has undertaken the largest cut in oil output among the participants of the OPEC deal signed in 2016 in Vienna.
Iraq has undertaken the second largest cut in oil output after Saudi Arabia.
OPEC and non-OPEC producers reached an agreement in December 2016 to curtail oil output jointly and ease a global glut after more than two years of low prices. OPEC agreed to slash the output by 1.2 million barrels per day from January 1.
Non-OPEC oil producers such as Azerbaijan, Bahrain, Brunei, Equatorial Guinea, Kazakhstan, Malaysia, Mexico, Oman, Russia, Sudan, and South Sudan agreed to reduce output by 558,000 barrels per day starting from January 1, 2017.
OPEC and its partners decided to extend its production cuts till the end of 2018 in Vienna on November 30, as the oil cartel and its allies step up their attempt to end a three-year supply glut that has savaged crude prices and the global energy industry.
The 5th OPEC and non-OPEC Ministerial Meeting was held in Vienna, Austria, on December 7, 2018.
The meeting participants decided to adjust the overall production by 1.2 million barrels per day, 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 million barrels per day (2.5 percent), and 0.4 million barrels per day (2 percent), respectively.
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