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Markets

OPEC history of oil output changes

Published December 5, 2018 Updated December 5, 2018 03:03pm

The following are changes in oil output limits by the Organization of the Petroleum Exporting Countries, dating from efforts in the late 1990s to prop up prices.

The last change was in June, when OPEC and 10 non-OPEC countries agreed to return to 100 percent compliance with supply cuts that had been overdelivered on, amounting to a production increase of 1 million barrels per day.

Six months on, producers are heading for a policy U-turn after a 30 percent slide in prices since October on concerns about oversupply. OPEC and its allies including Russia meet on Thursday and Friday in Vienna to discuss cutting output again.

Copyright Reuters, 2018
 

 

 

 

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