Common Contracts

OPEC (+): Agreement extension with new distribution on individual quotas

December 11th, 2019

• Filed
  December 11th, 2019

 OPEC and its allies adjusted their collective oil output cut from 1.2 Mbbl/d to 1.7 Mbbl/d (rising the quota by 500 Kbbl/d) adapting the target to most recent production levels where some countries such as Saudi Arabia have surpassed their original quota. In this sense, the cut does not imply an effective additional withdrawal to global supply. It suggests a more equilibrated adherence discipline for the over- and under- compliance records achieved by pact-members and it will redistribute individual targets. Its implementation will be as of January 1st