OPEC reduced oil extraction by 0.44% to 31.26 mln barrels a day in August – Platts

​In August OPEC reduced oil extraction by 0.44% to 31.26 mln barrels a day in monthly terms. The most significant fall was shown by Saudi Arabia, Platts reports referring to OPEC.

From Jan 2012 OPEC saves a set quota for oil extraction of 30 mln barrels a day.

Saudi Arabia reduced oil extraction in August by 0.47% to 10.4 mln barrels a day. The reduction also took place in Angola, Iraq (taking into account the extraction in Kurdistan), Libya and Qatar. The rest members of OPEC saved the volume of extraction at the level of July.

From the beginning of the summer 2014 and by the beginning of 2015 oil prices fell by more than twice – from $100 to $45/barrel of Brent. The decision of OPEC as of November 27th to save the quota for oil extraction at the level of 30 mln barrels a day escalated the price fall.