Abstract: An oil pump assembly having an adjustable production rate and capable of long stroke, low stroke per minute pumping rates, comprising a reciprocating pumping rod in a well hole, a counterbalancing mechanism for reducing the power needed to pump oil by the pumping rod, a driving mechanism to drive the reciprocating pumping rod and the counterbalancing mechanism, including a first cable and a second cable, to drive the reciprocating pumping rod and the counterbalancing mechanism, respectively, a speed control for the driving mechanism, and a dwell mechanism for the driving mechanism.