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OPEC member states agree on first oil output cut since 2008

November 30, 2016, 19:24 UTC+3
Global oil prices rose by nearly 8 per cent on the news
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©  EPA/MOHAMED MESSARA

VIENNA, November 30. /TASS/. OPEC countries agreed to collectively reduce oil production by 1.164 mln barrels per day from the level of the cartel's production in October 2016, according to OPEC.

Following the negotiations held in Vienna, Saudi Arabia will reduce oil production by 486,000 bpd, Iraq - 210,000 bpd, United Arab Emirates - 139,000 bpd, Kuwait - 131,000 bpd, Venezuela - 95,000 bpd, Iran - 90,000 bpd, Angola - 87,000 bpd, Algeria - 50,000 bpd, Qatar - 30,000 bpd, Ecuador - 26,000 bpd, Gabon - 9,000 bpd.

However, Libya and Nigeria will not reduce production. As for Iran, the agreement allows it to increase oil production by 90,000 bpd.

Oil prices rose by nearly 8% as energy ministers attended Wednesday's meeting in Vienna.

Brent crude oil rose by 8.6% to $51.4 per barrel after the official reports on the OPEC countries limiting oil production at the level of 32.5 mln barrels per day on London’s ICE.

At the same time, the price of Urals oil added 4.24% and reached $48.16.

Russia'a part 

Russia might enter Ministerial Committee to monitor the implementation of OPEC agreement, Venezuela's oil minister said. According to him, Russia’s Energy Minister Alexander Novak will be invited to join the committee, which will also include representatives of Kuwait, Venezuela and Algeria from OPEC, and some countries outside of OPEC that will be decided later.

Moscow has agreed to cut oil production by 300,000 barrels a day, Qatar’s Energy Minister Mohammed Saleh Al Sada stressed:

"This agreement is subject to 600,000 barrels per day reduction from key non-OPEC producers… I would like to report the Russian Federation already committed to reduce 300,000 barrels [per day]," the minister said.

During an informal meeting at the 15th International Energy Forum in Algeria on September 28, the OPEC member states already agreed to limit oil production to 32.5-33.0 million barrels per day. The parties have since sought to approve specific limits for every country.

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