February 2, 2021

Saudi Arabia, that promised to decrease daily oil production by additional 1 mln barrel in early January, in February-March, began to implement this plan, the representative of OPEC told TASS, APA-Economics reports.

 

“It is right, Saudia Arabia started to decrease daily oil production by additional 1 mln barrel in the early February” the source noted.

 

So, If the OPEC’s largest oil producer lowered crude oil production to 9,1 mln barrels decreasing  by 1,88 mln barrels on January, the volume of oil production of Saudia Arabia will lower to 8,1 mln barrel in February-March.

 

The Energy Minister of the Kingdom has not commented on this information yet.

 

Recall that the application of “OPEC+” agreements has started with decreasing daily oil production by 9,7 mln barrels on May, 2020, while since August, the alliance has eased restrictions to 7.7 million barrels and agreed to reduce them to 7.2 million barrels in January. 1 881 mln barrels of this has fallen to the commitment of Russia.

 

Source: Azeri-Press News Agency

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