Saudi Arabia Bears The Largest Reduction Of Oil Production Within OPEC

BAGHDAD / OPEC announced that Saudi Arabia has the largest reduction of oil production within OPEC.

Saudi Arabia, according to the organization, endured the largest reduction within OPEC, as agreed to reduce its production by 486 thousand barrels per day, then Iraq by 200 thousand barrels per day, the UAE by 139 thousand barrels per day, and Kuwait 131 thousand barrels per day, along with limited cuts from other members.

the organization allowed Iran to ceiling at 3.8 million barrels per day.

OPEC exempted Libya and Nigeria from the reduction, while Indonesia asked for suspension its membership in the organization in order to avoid the reduction.

The Organization of Petroleum Exporting OPEC has taken last Wednesday a decision to reduce the volume of oil production starting from the first of January 2017, an average of 1.2 million barrels per day in order to reach 32.5 million barrels.

Source: National Iraqi News Agency