OPEC and crude producers around the world are keeping true to their agreement to jointly cut down on oil production by about 1.8 million bbl/day; 1.2millon barrels from OPEC nations and 558,000 barrels/day from Non-OPEC nations starting January, 2017.
According to Bloomberg, Kuwait’s OPEC governor Nawal Al-Fezaia in an interview confirmed that Oman, Kuwait, Qatar, Saudi Arabia, and UAE are presently complying.
Reuters confirms Saudi Arabia has cut oil output in January by at least 486,000 bpd to 10.058 million bpd, fully implementing OPEC’s agreement to reduce output.
Russian oil and gas condensate production now average 11.1 million bpd, down from 11.21 million bpd in December and a record high 11.247 million bpd in October. Russian Energy Minister Alexander Novak had said the targeted level of Russian output was 10.947 million bpd after the production cut deal. He also said that Russia plans to reduce oil output by 200,000 bpd in the first quarter and reach the cuts of 300,000 bpd thereafter, as agreed with OPEC last month.
Libya and Nigeria are presently exempted from the cut because they are yet to resume full production capacity, the oil market (the recovery of prices and reduction of the oversupply) would finally determine if the current deal would be extended or not according to Nawal Al-Fezaia.