The reduction of oil production among the countries that have signed the agreement OPEC+ should start tapering as early as this week.
As reported Hvylya, citing Telegrams-channel Proeconomics.
It is noted that production in may-June is expected to decline by almost 10 million barrels per day compared to November 2019 (34,15 and 43,85 million barrels per day). But, countries have no obligations there, and at the stage of agreement in April, analysts doubted that the countries parties to the agreement will not deceive each other.
Energy center “SKOLKOVO” indicates that the deceit with numbers was already upon the signing of the agreement — Saudi Arabia and Russia.
“The whole deal is riddled with arithmetic tricks. For example, Saudi Arabia and Russia to reduce production from an average of 11 million bbl./day. 2.5 million bbl./day that is 22.7%. While in reality, Russia will reduce from the production of oil without condensate, which is estimated at 10.3 million bbl./day this means that Russia should not reduce production to 2.5 million bbl./day and 1.8 million, and this is 17% of the production”, — stated in the message.
It is emphasized that Saudi Arabia, the situation is even more interesting. So, on the one hand, the country is already at the beginning of April promised to reach the level of production in the 12-12. 3 million Barr./day. it means that to reach 8.5 million bbl./day. it is necessary to reduce production at 3.8 million (30.8%). while data regarding the order reached the country in reality this level, no. On the other hand, the March production of the KSA is estimated at 9.7 million barrels./day then the reduction is 1.3 million or 13%.