OPEC and Non-OPEC Crude Oil Production Agreement: Compliance StatusOpec and Non-Opec Crude Oil Production Agreement • April 30th, 2018
On 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 6 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 1.7 million bpd has been extended twice and is currently in effect through December 2018.
OPEC and Non-OPEC Crude Oil Production Agreement: Compliance StatusOpec and Non-Opec Crude Oil Production Agreement • November 20th, 2017
On 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.
INSIGHTOpec and Non-Opec Crude Oil Production Agreement • August 10th, 2020
On 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 6 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 1.7 million bpd has been extended twice and is currently in effect through December 2018.
OPEC and Non-OPEC Crude Oil Production Agreement: Compliance StatusOpec and Non-Opec Crude Oil Production Agreement • April 27th, 2018
On 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 6 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 1.7 million bpd has been extended twice and is currently in effect through December 2018.
INSIGHTOpec and Non-Opec Crude Oil Production Agreement • October 28th, 2020
On 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 6 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 9 additional months and is currently in effect through March 31, 2018.
