- J-PECO HeFei, China
- 16F, Fusi Center, FeiCui Road and XiuNing Road Intersection, ShuShan District, HeFei City, AnHui Province, PRC.
- +86 551-64665822 63524022
- +86 551-63524022-8010
According to today's oil price report on January 14, an OPEC source told Russia's Tass News Agency on Monday that OPEC plans to issue quotas for countries under the new OPEC/non-OPEC production reduction agreements this week. The new agreement was reached on December 7 and came into effect on January 1.
According to Tass News Agency sources, the release of quotas for each country can help overcome market doubts about OPEC and its allies' determination to implement the early December decision.
According to Tass, OPEC and its allies will reduce production by 1195,000 barrels per day from the market and maintain production at 43874,000 barrels per day during the current production reduction period up to June 2019.
OPEC will cut production by 812,000 barrels per day, while non-OPEC countries under the agreement will cut production by 383,000 barrels per day to 17,937,000 barrels per day.
Russia will reduce production by 230,000 barrels per day, to 11.191 million barrels per day, and will bear most of the non-OPEC production cuts. Within OPEC, Saudi Arabia will cut production by 322,000 barrels a day to 10.31 million barrels a day, according to Tass.
Reports that OPEC will publish individual country quotas first appeared in December last year. Two weeks earlier, Cartel and its allies decided to cancel the 1.2 million barrel-a-day market quota in the first half of 2019 to prevent the collapse of oil prices and rebalance the market.