Common Contracts
1 similar Opec Agreement contracts
OPEC (+): Agreement extension with new distribution on individual quotasOpec Agreement • 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
