Saudi Arabia has reduced oil production by at least 486 thousand barrels per day from October, according to The Wall Street Journal with reference to 2016, the newspaper the Wall Street Journal, citing sources.
According to the interlocutor of the newspaper, the agreement on production cuts is fully implemented, “if not more” promised.
He said that oil production by the Kingdom was reduced to approximately 10,058 million barrels per day, which corresponds to the level agreed upon within OPEC.
30 November OPEC for the first time since 2008, agreed to cut production a total of 1.2 million barrels per day. Saudi Arabia has pledged to cut production by 486 thousand barrels per day, which has become the most significant reduction among the countries of the cartel.
The organization will hold another meeting on may 25, 2017, which is planned to extend the agreement to reduce a further six months.
On 10 December a similar agreement was signed by countries that are not members of OPEC. They agreed to cut oil production by 600 thousand barrels per day. Proceed to the implementation of the agreements they have in January. Russia also supported the agreement and agreed to cut production by 300 thousand barrels per day.
