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OPEC+ agreement to reduce production contributes to global oil market rebalancing

OPEC+ monthly crude oil production
Source: U.S. Energy Information Administration, Short-Term Energy Outlook, International Energy Statistics, and internal estimates
Note: Production data for OPEC countries are crude oil only; production data and estimates for non-OPEC partner countries of the OPEC+ agreement include crude oil and lease condensate. Iran, Libya, and Venezuela are exempt from the OPEC+ agreement. August 2020 target crude oil production does not include adjustments made by OPEC for non-compliance.

On April 15, members of the Organization of the Petroleum Exporting Countries (OPEC) and 10 non-OPEC partner countries, collectively known as OPEC+, agreed to reduce crude oil production in response to rapidly increasing global oil inventories in the first quarter of 2020. At the time, efforts to contain the spread of coronavirus resulted in a steep decline in demand for petroleum liquids and lower crude oil prices. Starting in May 2020, the OPEC+ agreement called for a decrease in crude oil output by an initial 9.7 million barrels per day (b/d) that gradually tapers through April 2022, the end of the current agreement period.

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