Dubai: Opec plans to release a table detailing output cut quotas for its members and allies such as Russia in an effort to shore up the price of crude, the cartel’s secretary-general said in a letter seen by Reuters on Thursday.
Mohammad Barkindo said to reach the proposed cut of 1.2 million barrels per day (bpd), the effective reduction for member countries was 3.02 per cent.
That is higher than the initially discussed 2.5 per cent as Opec seeks to accommodate Iran, Libya and Venezuela, which are exempt from any requirement to cut. He commended Saudi Arabia for pledging to cut to 10.2 million bpd from January, a deeper reduction than allocated.
Sources initially said Opec would not publish individual quotas. “To support market sentiment and confidence, it is vital to make these production adjustments publicly available,” Barkindo said.