CEO of Russian Lukoll Oil Company: Under the OPEC and non-OPEC oil producer reduction agreement, the company will reduce production by 30,000 barrels per day in the first quarter; crude oil production is expected to be flat in 2019; the crude oil industry is satisfied with the oil price level of $60 per barrel.
| Thiourea dioxide |
In December 2018, OPEC’s crude oil production fell by 751,000 barrels a day to 31.58 million barrels a day, the biggest decline in two years. As expected, Saudi Arabia contributed the largest decline, with a decrease of 468,000 barrels per day to 10,553,000 barrels per day.
Libya Cheng is the second largest country in terms of production reduction, with crude oil production decreasing by 172,000 barrels per day to 928,000 barrels per day annually, mainly due to the shutdown of Sharara, the largest oil field, due to irresistible factors. Influenced by nuclear sanctions, Iran’s crude oil production fell by 159,000 barrels per day in December to 2769,000 barrels per day, making it the third country to contribute to this month’s reduction.
OPEC is scheduled to meet in Vienna from April 17 to 18 to review the reduction agreement that began in January. Despite OPEC-led cuts in oil supply, U.S. oil production last week was close to 12 million barrels a day. Some traders and investors worry that global supply growth will exceed demand this year.
| Thiourea |