OPEC Secretary Basic urges to speed up oil manufacturing cuts inside OPEC+ framework

MOSCOW, February 12. /TASS/. OPEC countries demonstrated an unequal level of oil production cuts as of the end of January and reduction rates need to be expedited, OPEC Secretary General Mohammad Barkindo said on Tuesday in a statement released by the Secretariat’s press service.

“Initial production and supply data from participating countries is beginning to show various levels of conformity, as can be viewed in OPEC’s latest Monthly Oil Market Report. Once again the Kingdom of Saudi Arabia continues to exhibit leadership from the front and by example,” Barkindo said.

“I would therefore urge all participating countries in the ‘Declaration of Cooperation’ to remain firm in achieving its voluntary obligations in full and in timely fashion. No one party can perform the role of a ‘swing producer’,” he added.

“Our primary objective is to ensure that the oil market remains in balance throughout 2019 and beyond in order to build on the success of the past couple of years,” the OPEC Secretary General said.

OPEC countries performed the OPEC+ oil production limiting agreement by 86% only as of the end of January, as followed from the monthly report released by OPEC earlier on Tuesday. Saudi Arabia slashed oil production by 350,000 barrels per day. The UAE lowered daily oil production by 146,000 barrels. Venezuela, Libya and Iran are exempt from production cuts.

According to the decision the OPEC+ countries adopted at the meeting on December 7, 2018, the alliance will reduce production in the first half of 2019 by 1.2 mln barrels. In particular, Russia is to account for 228,000 barrels of this volume.

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