OPEC agreed to cut oil production

Страны ОПЕК договорились о сокращении добычи нефти

The summit of OPEC, archive photo

Members of the Organization of countries-exporters of oil (OPEC) agreed to cut oil production by 1.2 million barrels per day. In anticipation of this announcement, oil prices rose 8%, reports the BBC.

“Now OPEC is produced 33.6 million barrels of oil per day, that is, their production will decrease by 4.5%. Production worldwide will decline by approximately 1%. This is the first decrease in the extraction of raw materials in 2008”, – stated in the message.

Thus, according to the Minister of energy of Qatar and President of the OPEC conference Mohamed bin Saleh al-Sada, Russia agreed to cut oil production by 300 thousand barrels per day. Non-OPEC countries to reduce production by 600 thousand barrels per day. “That is Russia takes over half of that volume,” he said.

Notably, Saudi Arabia has pledged to cut daily production from 10.54 million barrels. in October, to 10.06 million barrels. Iraq, the second-highest oil production country in the cartel, will produce 4,351 million barrels. a day. At the same time Iran got the opportunity to increase production from 3.7 million to almost 3.8 million barrels. a day. The United Arab Emirates and Kuwait will reduce daily production by 139 thousand and 131 thousand, respectively.

Note, a preliminary agreement on production cuts was achieved at the end of September in Algeria — then it was to reduce production to 32.5–33 million barrels/day.

Earlier it was reported that Indonesia had suspended its membership in OPEC.

OPEC includes Algeria, Angola, Indonesia, Iraq, Iran, Qatar, Libya, United Arab Emirates, Nigeria, Ecuador, Gabon.