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OPEC and allied exporters to cut crude output by 1.2 million bpd exempting Libya, Iran, Venezuela

The Address | Benghazi – Libya

VIENNA – the 5th OPEC and non-OPEC Ministerial Meeting decided to adjust the overall production by 1.2 mb/d, effective as of January 2019 for an initial period of six months, OPEC announced on Friday.

The contributions from OPEC and the voluntary contributions from non-OPEC participating countries of the ‘Declaration of Cooperation’ will correspond to 0.8 mb/d (2.5%), and 0.4 mb/d (2.0%), respectively, according to OPEC.

It is noteworthy that Libya, Iran, and Venezuela have secured OPEC production cut exemptions due to their special situations.

 

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