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Wed, 02 Jan 2019 11:09 - Updated Wed, 02 Jan 2019 11:09

OPEC's 1.2 million barrels cut effective from January 1st

Luanda - At least 1.2 million barrels of oil production are no longer expected to be produced by OPEC and non-OPEC members from Tuesday, January 1st in a joint effort that has been made since 2016 to balance crude oil prices in the international market.

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FPSO Girassol in the Angolan offshore (archive)

Photo: Angop

OPEP

Photo: Google/Divulgação

The decision of this second cut in production, whose adjustment is 3.02% for each member state, was adopted at the 175th OPEC conference held on December 6 and 7, 2018 in Vienna, Austria, as a result of falling prices to the minimum of $ 50 recorded in the November and December.


With this setting, slightly higher than the 2.5% initially agreed at the meeting, Angola, with a reference production of 1.5 million barrels / day, may cut 47,000 barrels / day, as opposed to 29,000 barrels, which will mean lower the production to1.4 million/day.


The measure, which will last for six months and is due to be evaluated in April (two months before the deadline), is intended to reduce excess stock and the imbalance between supply and demand.

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