Opec cuts production by 2M bpd in 2019
Decrease in line with recent decisions to maintain balance in global oil market
Recent statistics issued by the Organisation of the Petroleum Exporting Countries highlighted a decrease in its production by 6.3 per cent, or some two million bod in 2019, compared to 2018.
This decrease is in line with its 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 bpd, which increased the ceiling of the reduction to some 1.7 million bpd over the past few years.
Daily production decreased to some 29.86 million bpd by the end of 2019, compared to 31.864 million in 2018.
According to the organisation's statistics, production decreased during the first half of 2019 to 29.974 million bpd, and this decrease continued in the second half of the year, accounting for 29.6 million. By calculating daily production rates throughout the year, this figure reached 29.86 million.
On a monthly level, production decreased in December to 29.444 million bpd, compared to 29.60 million in November.
The production decline in December contributed to a surge in the price of Opec's oil basket by 5.6 per cent, reaching $66.48 per barrel, the highest price since April 2019.
Opec reportedly decided to reduce production in 2018 through March 2019, but it has since renewed its decision to maintain market balance.
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