According to Panorama Offshore has been reporting and monitoring, the Organization of Petroleum Exporting Countries (OPEC) reached an agreement in late 2016 to reduce the surplus oil production in order to appreciation of the "black gold".
This decrease in oil production was even higher in February this year. In monthly report, OPEC said its production fell by 139,500 barrels per day (bpd) last month.
The largest participant producer of OPEC, Saudi Arabia, has already reduced its supply 797,000 bpd from October, to a level well below the quota of 10.058 million bpd.
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