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 April 26, 2018 On November 30, 2016in an effort to stabilize declining oil pricesthe Organization of the Petrol
2、eum 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, h
3、ad 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 1.7 million bpd has been extended twice and is currently in effect through December 2018. Congressional interest in OPEC dates
4、 back to at least 1973 when some Arab members of the organization instituted oil production cuts and embargoed oil shipments to the United States, South Africa, the Netherlands, and Portugal. The embargo created perceived shortages and resulted in increased gasoline prices for U.S. consumers. Follow
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