OPEC + countries fulfilled plan to cut oil production by 95% in July
10:43 26.08.2020 9454
The level of execution of the OPEC + deal to reduce oil production in July was 95% versus 107% in June. Thus, the countries of the alliance removed 9.2 million bpd from the market in July, having fallen short of the agreement by 0.5 million bpd. The OPEC + technical committee on Monday, TASS reports summed up these results.
Separately, the OPEC countries in July fulfilled the agreement by 95% (ten cartel members are cutting production, and Venezuela, Iran and Libya are exempt from obligations). In June, the organization's countries completed the deal by 112% of the plan thanks to additional and voluntary cuts in oil production in Saudi Arabia, the UAE and Kuwait. In July, they returned to the quotas stipulated in the agreement.
Gabon remains an outsider in the agreement, which in July reduced oil production by only 3% of the plan, despite the agreement to compensate for the gap. This is followed by Congo (54% of the plan), Equatorial Guinea (66% of the plan). Iraq and Nigeria narrowed the backlog in July and met the agreement by 85% of the plan both.
The highest execution rates are in Saudi Arabia (103% of the plan) and Kuwait (101% of the plan). Countries "not OPEC" in July reduced production by 96% of the plan (in June - 98%). In particular, Russia reduced oil production by 2.409 million b / d, fulfilling the agreement by 96%.
800 delegates from 20 countries of the world will take part in the scientific forum on environmental aspects of the development of the fuel and energy complex
The International Scientific and Practical Conference: «Energy Prospects, New Technologies for the Development of Hydrocarbon Deposits» in the Year «The Happy Youth with Arkadag Serdarly» will be held at the Yagshygeldi Kakayev International Oil and Gas University on June 15.
Pre-conference day of the TESC 2025 forum
On Thursday, June 5, the International Scientific and Practical Conference "Environmental Aspects of Implementation of Innovative Technologies in the Development of Hydrocarbon Deposits" (TESC) will open in Ashgabat. The forum is organized by the State Concerns "Turkmengas", "Turkmennebit", the State Corporation "Turkmengeology" together with the "Turkmen Energy Forum".
Turkish company to build new gas compressor station in Turkmenistan
The President of Turkmenistan signed a Resolution authorizing the State Concern "Turkmengas" to enter into a contract with Çalik Enerji Sanayi ve Ticaret A.Ş. (Republic of Turkey) for the design, construction and equipping of the Shatlyk-1 gas compressor station in Mary velayat with the necessary equipment and commissioning, TDH reports.
The results of the work of the oil and gas complex of Turkmenistan for five months were summed up at the industry meeting
On Monday, June 12, a reporting meeting was held in the Central building of the oil and gas complex of Turkmenistan, at which the results of the work of enterprises in the industry for five months of this year, held under the motto “The Year of Happy Youth with Arkadag Serdarly”, were discussed.
Gurbanguly Berdimuhamedov: one of the priorities of cooperation between Turkmenistan and China is the fuel and energy sector
One of the priorities of cooperation between Turkmenistan and the People's Republic of China is the fuel and energy sector. This was stated by President of Turkmenistan Gurbanguly Berdimuhamedov in an interview with Chinese media before his trip to China to participate in the opening of the 2022 Winter Olympic Games in Beijing.