Common Contracts
1 similar Oil Production Agreement contracts
OPEC and Russia agree on further cuts in oil produc- tion. Over the past three years, Russia has worked closely with OPEC members in a number of voluntary agreements to restrain crude oil production and stabilise prices. Partly as a result of the...Oil Production Agreement • December 13th, 2019
At the beginning of 2017, OPEC members, Russia and sev- eral other non-OPEC producer countries (a group sometimes referred to as “OPEC+”) agreed to voluntarily reduce their combined output by about 1.7 million barrels a day. Under the deal, Russia was obliged to cut its daily production by 0.3 mil- lion barrels. The agreement was later extended several times through June 2018. Russian oil production rose to a record- high level in autumn 2018, but the countries met again and agreed to reinstate roughly 1.2 million barrels in cuts from the start of 2019.
