In order to mitigate lower oil demand following the coronavirus pandemic, OPEC+ countries are aiming to reduce oil production by some 9.7 million barrels per day between May and July 2020. Initial analysis suggests that the organization is expected to exceed this figure by two million barrels, thanks in large part to cuts by producers in Iran, Libya and Venezuela, which were not included in the list of "cutters".
Forecasted OPEC+ production decline compared to target cuts due to COVID-19 between May and July 2020 (in million barrels per day)*
* Production decline compared to reference production set to October 2018.
** The source gives the following information: "Saudi Arabia here includes the entire volumes of Abu Sa’fah shared 50/50 with Bahrain, hence KSA’s target cuts are also adjusted for Bahrain’s share of cut accounted for by Abu Sa’fah and are higher than Russia’s cuts compared to the OPEC table."
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Rystad Energy. (July 3, 2020). Forecasted OPEC+ production decline compared to target cuts due to COVID-19 between May and July 2020 (in million barrels per day)* [Graph]. In Statista. Retrieved August 10, 2022, from https://www.statista.com/statistics/748214/opec-production-decline-covid-19/
Rystad Energy. "Forecasted OPEC+ production decline compared to target cuts due to COVID-19 between May and July 2020 (in million barrels per day)*." Chart. July 3, 2020. Statista. Accessed August 10, 2022. https://www.statista.com/statistics/748214/opec-production-decline-covid-19/
Rystad Energy. (2020). Forecasted OPEC+ production decline compared to target cuts due to COVID-19 between May and July 2020 (in million barrels per day)*. Statista. Statista Inc.. Accessed: August 10, 2022. https://www.statista.com/statistics/748214/opec-production-decline-covid-19/
Rystad Energy. "Forecasted Opec+ Production Decline Compared to Target Cuts Due to Covid-19 between May and July 2020 (in Million Barrels per Day)*." Statista, Statista Inc., 3 Jul 2020, https://www.statista.com/statistics/748214/opec-production-decline-covid-19/
Rystad Energy, Forecasted OPEC+ production decline compared to target cuts due to COVID-19 between May and July 2020 (in million barrels per day)* Statista, https://www.statista.com/statistics/748214/opec-production-decline-covid-19/ (last visited August 10, 2022)
