Chronology of oil output cuts pledged this year
DUBAI, June 17 (Reuters) - Oil producers have cut back their production since April in an attempt to boost world oil prices
which have sunk to their lowest level in real terms for 25 years.
Following is a chronology of output cuts announced by producers.
March 22 - Saudi Arabia, Venezuela and Mexico announce ''Riyadh Pact'' calling on producers inside and outside the
Organisation of the Petroleum Exporting Countries ''to withdraw from the market an amount of 1.6 million bpd to two million
bpd'' from April 1 until the end of the year.
March 30 - OPEC ministers, excluding Iraq, agree to cut output by 1.245 million bpd from April 1 as part of Riyadh Pact.
Largest OPEC cuts made by Saudi Arabia (300,000 bpd), Venezulea (200,000 bpd), Iran (140,000 bpd), Kuwait, UAE and
Nigeria (125,000 bpd each).
Commitments by non-OPEC states Mexico, Oman, Norway, Egypt, China, Russia and Yemen take total pledged producers'
cuts to some 1.5 million bpd.
June 4 - Saudi Arabia, Venezuela and Mexico announce ''Amsterdam Pact.'' Saudi Arabia says to cut output by a further
225,000 bpd, Venezuela by 125,000 bpd, Mexico 100,000 bpd.
June 7-9 - Saudi Oil Minister Ali Naimi visits UAE, Qatar, Oman, Kuwait and Iran to drum up support for additional cuts.
June 7 - Qatar says will cut output by 20,000 bpd from July 1 to support Amsterdam deal. Qatar already committed to cutting
30,000 bpd from April 1 under OPEC's March 30 deal.
June 8 - Reuters survey of OPEC output for May shows supplies from the 10 OPEC countries signed up to March 30
agreement down by about 900,000 bpd or 75 percent compliance.
June 10 - Iran says will cut 100,000 bpd from July 1.
June 12 - Senior Kuwaiti officials says OPEC needs to cut output by at least one million bpd to boost prices.
June 13 - Iran says willing to cut more on top of pledged 100,000 bpd if OPEC and non-OPEC agreed larger output cuts.
June 13-14 - Iran Oil Minister Bijan Zanganeh visits Kuwait, UAE, Qatar and Oman to discuss weak state of market.
June 15 - July NYMEX crude hits 12-year-low.
June 16 - United Arab Emirates, Kuwait and Oman pledged cuts totalling 170,000 bpd from July 1 after meeting of Gulf
Cooperation Council oil ministers in Riyadh.
GCC says six members Saudi Arabia, Kuwait, United Arab Emirates, Oman, Qatar and Baharin have cut their output by a
combined 1.025 million bpd since March 22 Riyadh pact.
June 16 - Kuwait Oil Minister Sheikh Saud Nasser al-Sabah says OPEC members so far pledged cuts of 800,000 to one
million bpd as of July 1.
June 24 - OPEC ministers scheduled to meet in Vienna to seal further round of cuts.
|
