Here are the new production quotas announced by the Organization of Petroleum Exporting Countries (OPEC) on Wednesday, bringing its total output down to 25.2 million barrels per day (bpd).
The new quotas, which will come into force from February 1, cover the output of 10 of OPEC's 11 members. Iraq has been excluded from the system since UN sanctions were imposed on it over the 1991 Gulf War.
Country Production cut New quota:
Algeria 48,000 bpd 805,000 bpd
Indonesia 78,000 bpd 1,307,000 bpd
Iran 219,000 bpd 3,698,000 bpd
Kuwait 120,000 bpd 2,021,000 bpd
Libya 81,000 bpd 1,350,000 bpd
Nigeria 123,000 bpd 2,075,000 bpd
Qatar 39,000 bpd 653,000 bpd
Saudi Arabia 486,000 bpd 8,189,000 bpd
United Arab Emirates 132,000 bpd 2,201,000 bpd
Venezuela 174,000 bpd 2,902,000 bpd
Total 1,500,000 bpd 25,200,000 bpd.—AFP.
©--Agence France Presse 2001.
© 2001 Mena Report (www.menareport.com)
