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Saudi Arabia and Russia seek to raise OPEC's oil output by 1.5 mb/d

Saudi Arabia and Russia will ask the Organization of the Petroleum Exporting Countries (OPEC) to hike crude oil production by 1.5 mb/d in the third quarter of 2018. In November 2016, Russia and the OPEC jointly decided to cut their output by 1.8 mb/d in order to prop up global prices and production levels were set for each member country: Saudi Arabia agreed to limit its crude production by nearly 486 kb/d to 10.058 mb/d, while Iraq, the second largest producer among OPEC, agreed to cut its production by 209 kb/d.



24 countries representing around 60% of the global oil production committed themselves to achieving this target. In December 2017, the production cuts were extended until the next OPEC meeting, which will take place later in June 2018. Besides, Nigeria and Libya, previously exempt from quotas due to unrest, agreed to cap production at their highest level of 2017 below 2.8 mb/d.

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