OPEC reaches 90% of the goal of cutting oil

In a report released on Friday, February 10, the International Energy Agency (IEA) reported that the Opec (Organization of petroleum exporting countries) has already achieved, in record time, reaching 90% of target in oil production that had been agreed. According to the document, the production in January was 32,060,000 barrels per day, 1 million barrels less than in December 2016.

The IEA also said that if the level of compliance is maintained will be trimmed more than 600,000 barrels per day. The agreed Pact between OPEC members and other producers outside the cartel is remove 558,000 barrels a day from the market. In January, the global supply of oil has retreated nearly 1.5 million bpd, a signal that the ultimate goal can be achieved very soon. The intention of the members of Opec is to enhance production reduces the price of oil.

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