Which country has recently reduced its daily oil production beyond the requirement stipulated by OPEC?
Which country has recently reduced its daily oil production beyond the requirement stipulated by OPEC?
کس ملک نے حال ہی میں تیل کی یومیہ پیداوار کو اوپیک کی مقرر کردہ ضرورت سے زیادہ کم کیا ہے؟
Explanation
As per the OPEC + deal, Azerbaijan is obligated to decrease its daily oil production by 131,000 barrels from August and December
Additional information
Multiple OPEC+ countries have recently announced additional voluntary cuts to their oil production, including:
- Saudi Arabia: 1,000 barrels per day
- Iraq: 220 barrels per day
- United Arab Emirates: 163 barrels per day
- Kuwait: 135 barrels per day
- Kazakhstan: 82 barrels per day
- Algeria: 51 barrels per day
- Oman: 42 barrels per day
These cuts are in addition to the voluntary cuts that were previously announced in April 2023 and extended until the end of 2024.
The total cut is 5.86 million barrels per day, or about 5.7% of global demand.
OPEC+ members agreed to extend these cuts until the end of 2025