1、 CRS INSIGHT Prepared for Members and Committees of Congress INSIGHTINSIGHTi i OPEC and Non-OPEC Crude Oil Production Agreement: Compliance Status name redacted Specialist in Energy Policy November 16, 2017 On November 30, 2016in an effort to stabilize declining oil pricesthe Organization of the Pet
2、roleum Exporting Countries (OPEC) announced an agreement whereby 11 of the then-active 13 members would reduce crude oil production by approximately 1.2 million barrels per day (bpd) for 6 months starting January 1, 2017. On December 10, 2016, OPEC announced that 11 non-OPEC countries, led by Russia
3、, had joined the agreement by pledging to further reduce oil production by 558,000 bpd. This “Declaration of Cooperation” to collectively reduce oil production by approximately 1.8 million bpd was extended for 9 additional months and is currently in effect through March 31, 2018. Congressional inter
4、est in OPEC policy dates back to at least 1973 when Arab members of the cartel embargoed oil shipments to the United States. The embargo created perceived shortages and resulted in increased gasoline prices for U.S. consumers. Following a period of increasing oil prices in the early 2000s, the No Oi
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