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OPEC to Publish Quotas for New Production Cut Deal

OPEC to Publish Quotas for New Production Cut Deal
OPEC to Publish Quotas for New Production Cut Deal

OPEC plans to publish this week quotas for individual countries under the new OPEC/non-OPEC production cut deal agreed upon on December 7 and in force since January 1, an OPEC source told Russian news agency TASS on Monday.  
The publishing of the quotas for each country could help overcome the skepticism in the market regarding the resolve of OPEC and its allies to implement the decision made in early December.
During the current period of the cuts, until June 2019, OPEC and allies will remove a total of 1.195 million barrel per day off the market and keep production at 43.874 million bpd, according to TASS.
OPEC will shave off 812,000 bpd, while the non-OPEC countries part of the deal will reduce their combined production by 383,000 bpd to 17.937 million bpd. Russia will cut production by 230,000 bpd to 11.191 million bpd, taking most of the non-OPEC cuts. Within OPEC, Saudi Arabia will be slashing production by 322,000 bpd to 10.31 million bpd. 
Reports that OPEC will publish individual country quotas first emerged in December, two weeks after the cartel and its allies decided to remove a combined 1.2 million bpd off the market in the first half of 2019 to stem the oil price rout and rebalance the market.

 

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