OPEC countries completed the OPEC+ deal by 173% in January

As follows from the data of the February OPEC report, the countries of the organization again produced below the levels allowed for them under the OPEC + deal, fulfilling the agreement by 173%.

“Oil production increased mainly in Nigeria, Angola and Kuwait, and decreased in Saudi Arabia, Iraq and Iran,” RIA Novosti quotes the report.

10 out of 13 OPEC countries have obligations under the OPEC+ agreement, which were supposed to reduce production in January by 1.273 million barrels per day from the target level in August, but in fact this figure amounted to 2.204 million barrels.

Earlier it was reported that Russia will reduce oil production by 500 thousand barrels per day.

This was stated by Deputy Prime Minister Alexander Novak.

According to him, this will contribute to the restoration of market relations in the trade in energy resources. 

More details in the material RT.