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2020-01-20 12:05:00

OPEC'S OIL PRODUCTION DOWN 2 MBD

OPEC'S OIL PRODUCTION DOWN 2 MBD

WAM - ABU DHABI, 19th January, 2020 - Recent statistics issued by the Organisation of the Petroleum Exporting Countries, OPEC, highlighted a decrease in its production by 6.3 percent or some 2 million barrels per day in 2019, compared to 2018.

This decrease is in line with the organisation's recent decisions, in coordination with major independent producers, to maintain the balance in the global oil market.

In December 2019, OPEC issued decisions to reduce production by 500,000 barrels per day, which increased the ceiling of the reduction to some 1.7 million…

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