OPEC decided at its November 2016 meeting in Vienna to limit production to 32.5 mln barrels per day in the first half of 2017, down 1.2 mln barrels per day from October 2016 production levels, with the possibility of extending this limit for the remainder of the year.
In a subsequent meeting on December 10, eleven non-OPEC countries pledged to cut nearly 0.6 mln barrels per day, among them Azerbaijan, Bahrein, Brunei, Equatorial Guinea, Kazakhstan, Malaysia, Mexico, Oman, Russia, the Republic of Sudan and South Sudan.
Thus, the total crude oil production cut will amount to 1.7-1.8 mln barrels per day in the first half of this year.
The signed agreement expires in June.
The issue of extending it will be discussed at Sunday’s ministerial meeting on monitoring of oil production cut in Kuwait.