Sharing of the OPEC production cuts: 4.6% across the board except for Iran
The Million Dollar Way blog has the details I was wondering about earlier: how the production cut is going to be shared amongst the OPEC members.
Here are the details from the press release. The “reference” is the baseline agreed upon, which is referred to as the “Reference Production Level” in the press release. The change by country is listed. I calculated the percentage change for each country. Here are the changes:
The reduction is 1.16B bopd, which rounds to the about 1.2M bopd mentioned in news reports.
Iran is allowed to slightly increase their production (90K bopd, or 2.3%).
The other OPEC members agreed to an across the board 4.6% cut, give or take some rounding errors. Only Angola is off from 4.6% by more than a rounding error.