the document States that OPEC has complied with the terms of the transaction 112%. The countries of the oil cartel in June has reduced oil production compared with may to 22.27 million barrels per day.
Mainly this indicator was achieved due to additional production decrease in June, Saudi Arabia by 1 million barrels a day, Kuwait – 80 thousand barrels per day and the UAE – by 100 thousand barrels per day. Also improved its performance in June may “losers” the conditions abbreviations: Iraq – from 46 to 88%, Nigeria 55% to 78%. Additionally, 36% fell oil to 356 thousand barrels per day in Venezuela, freed from the fulfillment of the terms of the transaction.
In 2020 and 2021 OPEC has improved the forecast for the fall in oil demand to 90,72 million and 97,72 million barrels per day, respectively. In the pre-crisis 2019 demand totaled owns 99.67 million barrels per day.
According to OPEC, oil demand in the second quarter of 2020 fell to 81,95 million barrels per day. In the third quarter it is expected that this figure will be – 92,22 million barrels per day in the fourth – 96,22 million barrels per day.
In OPEC believe that the production of countries outside of the cartel in 2020 total decrease in annual expression up to 61,76 million barrels per day. However, the report upgraded the forecast for 2020 oil production in Russia by 100 thousand barrels a day to 10.31 million barrels a day.
OPEC+ agreed to cut oil production in may-July 2020 9.7 million barrels per day. From the 1st August until the end of 2020 the reduction should be 7.7 million barrels per day, and in the period from January 1, 2021 through April 30, 2022 5.8 million barrels per day. July 15 will host the next meeting of the Ministerial Committee of OPEC, which may make adjustments to the terms of the transaction.
According to the Ministry of energy Russia in may completed the transaction OPEC+ 96%. Statistics for the reduction in June has not yet been announced. The difference could be due to the difference of methods of calculations of the reductions.
