The decline in June will be in addition to restrictions imposed earlier by the agreement of OPEC+
The state oil company of Saudi Arabia Saudi Aramco in June further reduce oil production in June by another 1 million barrels per day.
About it reports Reuters.
The decline in June will be in addition to restrictions imposed earlier by the agreement of OPEC+, specified in the Ministry of energy of Saudi Arabia.
So, the overall decline of oil production, Saudi Aramco in June will amount to 4.8 million barrels per day, that is, the country will produce 7.5 million barrels per day. Thus Riyadh is planning to encourage other countries to fulfil their commitments and to reduce the volume of oil production to stabilize world market.
As reported, oil prices reference marks are moderately decreased in the course of trading on 7 may, but analysts already expect a partial recovery of the market of black gold on a background of production cuts.
We will remind, on may 1, entered into force on transaction OPEC+ to reduce oil production. The agreement provides for the reduction of oil production to 9.7 million barrels per day from October 2018, with the exception of Russia and Saudi Arabia – for them, the figure is 11 million b/d.
In the world of end tanks for oil storage. Off the coast of the US has already gathered dozens of tankers – they have nowhere to ship raw materials:
Oil tankers off the coast of California
