The 11 OPEC members who were bound by the agreement slightly exceeded the promised cuts, thanks in large part to the goal that Saudi Arabia and its Gulf allies have more than asked to support the market. OPEC currently produces 29.7 million barrels per day (about 30 percent of world production), 2.6 million barrels less per day than a year ago. Just under half of the reduction comes from opec agreements, with the rest coming from Venezuela and Iran. Russia and Saudi Arabia have led OPEC agreements to voluntarily cut supply since 2017 to counter the boom in production from U.S. shale fields, which have become the world`s largest producer and are not participating in cuts. Saudi Arabia has pushed Iraq to make budget cuts and offered economic aid to Baghdad, but the recent collapse of the Iraqi government of Prime Minister Adel Abdul Mahdi and the long process of choosing a successor have called into question any Iraqi deal. 19.03.2019 | Mohammad Sanusi Barkindo discusses with Bloomberg the positive outcome of the 13th meeting of the Joint Committee of Ministers (JMMC) and the current environment of the oil market. Oct 10, 2019 | OPEC Secretary General Mohammad Sanusi Barkindo discusses with Bloomberg`s Annmarie Hordern the current state of the oil market on the sidelines of the 40th Oil and Money Conference in London. August 30, 2019 | Vienna, Austria, August 30, 2019 — OPEC Secretary-General Mohammad Sanusi Barkindo congratulated THE organization`s staff on the New Islamic Year, the Hijri Year. HE Barkindo said: „1440 was a rich year for OPEC, but I think a particular highlight must be the approval of the Charter of Cooperation, which opens a new era of dialogue and even more teamwork between OPEC and our partners.“ One of the main proponents of budget cuts at the meetings has been Iraq, which, along with Nigeria, has regularly cheated on agreements in the past. Meanwhile, Russia failed to meet its commitments this fall. Production cuts from Venezuela and Iran have been unintentional, in part because of U.S.
oil sanctions and political crises. The days were turbulent in the international markets of oil investors. But while Saudi Arabia`s supply could be quickly restored, the attacks have raised issues that could have a long-term impact on oil prices. (17.09.2019) Details of the agreement and the distribution of cuts between producers are to be ratified on Friday at a meeting of OPEC and non-OPEC countries in Vienna. 29 Nov 2019 | A message of goodwill to the Forum of Gas Exporting Countries at the 5th GECF Gas Summit, 29 November 2019, Malabo, Equatorial Guinea. 13.03.2019 | OPEC Secretary General Mohammad Sanusi Barkindo, in an interview with CNBC presenter Brian Sullivan, highlights the main challenges facing the oil market and the importance of the „Declaration of Cooperation“ to help maintain market balance and stability in 2019. Nevertheless, in November, the EIS revised its U.S. crude oil production forecast to 30,000 B/D in 2019 and 119,000 B/D in 2020 from its October forecast. The EIS attributed this increase to higher initial production, expected for future drilling and an oil price forecast for November 2019 to January 2020. It remains to be seen whether lower production will have an impact on prices in the midst of a global flood and agreement fraud. OPEC`s two main producers, Saudi Arabia and Iraq, have cut production by 50,000 bpd each.