OPEC and Non-OPEC Crude Oil Production Agreement: Compliance StatusOpec and Non-Opec Crude Oil Production Agreement • November 20th, 2017
Contract Type FiledNovember 20th, 2017On November 30, 2016—in an effort to stabilize declining oil prices—the Organization of the Petroleum Exporting Countries (OPEC) announced an agreement whereby 11 of the then- active 13 members would reduce crude oil production by approximately 1.2 million barrels per day (bpd) for six months starting January 1, 2017. On December 10, 2016, OPEC announced that 11 non-OPEC countries, led by Russia, had joined the agreement by pledging to further reduce oil production by 558,000 bpd. This "Declaration of Cooperation" to collectively reduce oil production by approximately 1.8 million bpd was extended for nine additional months and is currently in effect through March 31, 2018.