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Talks between OPEC, non-OPEC members to be held on Dec 10 in Vienna

December 05, 2016, 13:29 UTC+3 MOSCOW

On November 30, OPEC countries agreed to cut oil production to 32.5 mln barrels per day

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© Ruslan Shamukov/TASS

MOSCOW, December 5. /TASS/. The talks between representatives of OPEC member-states and non-OPEC nations on the cartel’s decision to cut crude oil production will be held on December 10 in Vienna, OPEC secretary general Mohammad Barkindo said, Bloomberg reports.

According to Barkindo, the cartel has invited 14 non-OPEC countries to the meeting. Earlier Venezuelan Oil Minister Eulogio del Pino said that around 20 non-OPEC states, including Kazakhstan, Oman and a few Latin American countries would take part in the talks on crude output reduction.

Following the OPEC meeting in Vienna on November 30 it was reported that the meeting with non-OPEC countries could be held on December 9-10. According to some media reports referring to sources, Doha, Vienna and Moscow were among options under consideration.

On November 30, OPEC countries agreed to cut oil production to 32.5 mln barrels per day, which means those countries will reduce their daily average output by 1.164 mln barrels starting January 1, 2017.

Now OPEC will have to make a similar deal with non-OPEC members. The cartel expects them to cut crude production by 600,000 barrels per day in 2017, including a reduction of 300,000 barrels per day by Russia.

 

 

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