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OPEC's return to 2016 production quotas could mean a 1.2 million b / d cut
Reuters calculations indicate that if OPEC and its allies, led by Russia, agree to cut oil output next year by returning to the 2016 production quotas, it would imply that OPEC's output cuts alone would not fall below 1.2 million bpd.
The idea was under discussion at meetings of the Organization of Petroleum Exporting Countries (OPEC), Russia and other NATO allies this week, the official TAS news agency quoted an OPEC source as saying.
If the OPEC countries, which pumped in October 2018 amounts above the agreed targets of 2016 to cut production to those levels and kept members who pump less than the quotas allocated to them on their supplies as they are, the total reduction will be 1.2 million barrels per day, according to Reuters calculations Which were based on OPEC figures.
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